If you don't know what's going to happen, then you want to get as many factors on your side. You can protect yourself by paying as little as possible and not trying to work out which really are the better businesses. Warren Buffett had been telling investors for decades that he beat the market because he bought cheap stocks That were more profitable and they were higher quality. If we can identify that there are common traits, then we could just buy an index of those stocks or create an index of that.

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