I noticed that in certain literature, like in CFA level 1, the theory put forth is that someone should prefer positively skewed returns as mean > median > mode. But why is that?
Based on a simple graphical drawing (pardon the sloppiness):
Wouldn't I prefer a negative skew? We could swap the numbers in the axis but even then, intuitively, the negative skew should give me higher returns over time.
Do enlighten me as I maybe be missing the numerical concept behind this.