Tuesdays are all about academic (and practitioner) literature at Abnormal Returns. You can check out last week’s links including a look at what happens when a factor gets overcrowded.
Quote of the Day
"But out-of-sample, live money in real portfolios is what matters. Not recognizing the real tolerance our clients have to return streams that can deviate from their long-term averages for very long periods of time isn’t being a good fiduciary, and it isn’t being a good steward."(Rusty Guinn)