Are There Other Examples of Unproven Factors?

Some people would argue that high dividends is a factor. We don't see it as a factor per se. High dividends seems to be an approach where you buy value stocks, which are also less risky. So I would say that's like a combination of two of these modern factors, if you like. And then there's people who argue there's perhaps a rebalancing premium, or a factor timing premium,. Well, these are all examples of factors where we did research and found that the evidence is not very compelling. At different points in time, or different stages in the economic cycle, some factors do better than others.