The study claims to demonstrate mathematically that VA is an inefficient investment strategy since the same outturns can be generated using other strategies which require less total cash to be invested. In addition, compared to other strategies, VA requires more active management, and a large “side fund” of cash or liquid assets which can be used to make the periodic investments required by VA. It concludes that “VA’s popularity appears to be due to investors making a cognitive error in assuming that its higher IRR implies higher expected profits”.