Tuesdays are all about academic (and practitioner) literature at Abnormal Returns. You can check out last week’s links including a look at the macro case for active management.

Quote of the Day

"For long-only “smart beta” and factor portfolios, we often see a focus on what the portfolio holds. While this is important, it is only a piece of the overall picture. Just as important in determining performance relative to a benchmark is what the portfolio does not hold."

(Corey Hoffstein)

Chart of the Day

On the relationship between GDP growth and equity factors.

(factorresearch.com)

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