Michael Mauboussin – Active Asset Management - [Invest Like the Best, EP.02]
Invest Like the Best with Patrick O'Shaughnessy
Quality Is More Useful Than the Market
The idea of quality has become a really popular one in the quantitative world. What we find is that the bigger negative or positive excess return is in the bad tale. So if you're tinking about using quality in your process, think about it as a negative screen. The cheap stocks out perform byukow a little less, but roughly the same amount as the expensive ones under perform.
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