Cliff Asness - Simple Investing is Hard (EP.385)
Capital Allocators – Inside the Institutional Investment Industry
Value in Features and International Diversification
Valuable features require payment in terms of higher multiples and lower spreads. The belief that better management skills lead to investment success is shared by private equity managers, who also note that market multiples are aligning with public markets. Historical illiquidity premiums no longer hold true in today's market. International diversification has been ineffective for US investors over the past 30 years, contrasting with the success seen by non-US investors. Investors may find themselves torn between the benefits of US stocks and the potential of international diversification moving forward.
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