Tuesdays are all about academic (and practitioner) literature at Abnormal Returns. You can check out last week’s links including a look at the inevitability of direct indexing solutions.
Quote of the Day
"Investors who aren't comfortable with the possibility of underperforming for five or even 10 years shouldn't own multifactor funds--or any active investment for that matter."
(Alex Bryan)
Research
- Quality ETFs have been underweight the FAANMG stocks. (alphaarchitect.com)
- How much are intangibles to blame for value underperformance? (factorresearch.com)
- How correctly anticipating bond upgrades and downgrades can generate alpha. (mailchi.mp)
- There's no evidence that, on average, institutional investors can identify outperforming managers. (klementoninvesting.substack.com)
- Savvy Investor Awards 2020: The Best White Papers. (savvyinvestor.net)
- Some common myths about backtesting. (priceactionlab.com)
