Tuesdays are all about academic (and practitioner) literature at Abnormal Returns. You can check out last week’s links including a look at how the big university endowment funds have invested over time.
Quote of the Day
"The golden rule for investors into the venture asset class must therefore be: Build a portfolio of 500 startups, with 100 companies being the absolute minimum."(Kamal Hassan & Monisha Varadan & Claudia Zeisberger)
Chart of the Day
September was a weird month for the VIX.
- Value is losing the 2020 Factor Olympics. (factorresearch.com)
- What it will take to resurrect the value premium. (papers.ssrn.com)
- A look at the overvaluation in growth stocks. (mailchi.mp)
- Why endowment funds have underperformed for the past decade. (alphaarchitect.com)
- Venture capital return dispersion is so high because fund managers underdiversify. (institutionalinvestor.com)
- More research showing that stocks with lottery-like characteristics underperform. (alphaarchitect.com)
- Markets are pretty good at sniffing out forthcoming monetary policy shifts. (privpapers.ssrn.com)
- High return expectations don't make for better returns. (klementoninvesting.substack.com)