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#31: Rob Arnott On Engineering A Better Index
Superinvestors and the Art of Worldly Wisdom
Does Noise Create the Size and Value Effect?
10% of all price action in stocks is the market making a mistake which it subsequently has to correct. With fundamental index, you're concentrating against every stocks price movements. Whatever is soaring most that's what you're trimming whatever is tumbling most. So while it has a value tilt, it's a constantly changing value tilt and you aren't throwing out growth stocks.
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