Michael Mauboussin - Man + Machine, Moats, and Power of the Outside View - [Invest Like the Best, EP.37]
Invest Like the Best with Patrick O'Shaughnessy
Is There a Strategy That Can Beat the Market?
i hear a lot of money managers are very frustrated, because they see that there are mispricing out there, but they are actually very difficult to exploit. i think there are three specific things that indexing and e t f have led to, and we'll see how this movie ends. First is valuations for certain stocks or certain assa classes are higher than they would otherwise be,. Second is intrasector corre ons are going up, and that's really challenging. And the third thing I'll say wich is what we've spending a lot of time on recently has been about liquidity.
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