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Big Market Delusions
The Compound and Friends
The Controversy Surrounding Factors and Strategies in the Smart Beta Market
In 2016, the author wrote a controversial paper stating that if a stock's fundamentals haven't changed but its price doubles, its past returns will be brilliant. However, if there's any mean or variation, it will disappoint. This view caused outrage in the world of factors and strategies, even though it is common knowledge in the stock market. The author found that most factors were trading at high valuations.
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