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#31: Rob Arnott On Engineering A Better Index
Superinvestors and the Art of Worldly Wisdom
The Importance of Waiting in the Stock Market
I just started research affiliates. I tasked Jason Sue, who was my first employee at research affiliates. He thought this was going to be a waste of time. But he dove into the research. He tested it back to the early 70s. So we had a 30 year history and just waiting a portfolio by the sales of the business instead of its market cap beat the market,. Not by 10 or 20 basis points, but by 250 basis points per annum compounded. Just astonishing margin of success. We later did a paper with Harry Markowitz published in 2015 boy that one took a long time to get published because it went against conventional efficient markets finance theory.
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