Show Us Your Portfolio: Adam Butler
Excess Returns
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The Importance of Active Research in Securities
Many people have been brainwashed about efficient markets and therefore avoid active strategies altogether. I am sympathetic to the view that equity, that stock picking type active strategies are likely to have lower expected performance than macro oriented strategies. For all of these different reasons, my personal opinion is that there are much larger and more sustainable anomalies or risk premium at the macro level trading asset classes.
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