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Tobias Carlisle - Realism Over Idealism in Value (S4E9)
Flirting with Models
The Implications for Value Investors
Anecdotally, i've noticed that a lot of people seem to be trying to split the difference between value and growth by adopting this sort of quality at a reasonable price. When you actually look at the portfolios that you construct using price to book value as a ratio, there's very strong statistical evidence for men reversion in there. And then if you control for quality, and you try to, you know, you look to see if they will, in fact, recover, what you're doing is moving yourself away from those things that are right on the edge with no risk base reward. So i don't think that as a factor, when you control for those things, it doesn
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