I think there are risk premiums and there are behavioral biases that lead some to willingly or accidentally underperform. Value, even if it's systematic, simple to explain, works on average, still requires exactly what this manager said. Do I think these things can be used for everyone to outperform? This is not Lake Wobegon. We can't all beat the index. It's a precise mathematical identity.
Tyler and investment strategist Cliff Asness discuss momentum and value investing strategies, disagreeing with Eugene Fama, Marvel vs. DC, the inscrutability of risk, high frequency trading, the economics of Ayn Rand, bubble logic, and why never to share a gym with Cirque du Soleil.
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