The study looked at the UK Equity Risk Premium Puzzle, focusing on whether historical equity returns can predict future returns accurately. They found that the relationship between past and expected returns varies over time and across different market segments. This variation seems to follow systematic patterns, affecting similar portfolios at the same time. The findings suggest that using past returns as a proxy for future returns may not always be reliable, and that expected returns can change over time. These results have implications for both academics and practitioners in understanding the nature of the Equity Premium Puzzle.