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Investing in a Portfolio
I think that's particularly true when people are making bets on factor funds, isn't it? Because yeah, that data shows that they probably do outperform over the long term. But they have long periods of underperformance if you're betting on momentum stocks or value stocks,. Or even things like quality, where you think it makes absolute sense that you buy companies which have strong balance sheets. Intuitively, you might think, oh, that'll always do well, but in fact, it's underperformed for quite a long period of time.