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Cliff Asness on Quant Value Investing
Masters in Business
How to Get the Most Out of a Quarterly Drawdown
You have to assume everybody you're trading with and against is intelligent. Even if it's not true, you have to assume that that's what's on the other side. Drawdowns have this amazing subjective. We borrowed the term from physics, time dilation,. You see a fairly horrible drawdown but you know it ends well.
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