July 10, 2019
Diversification is great, but it’s not the same thing as a hedge. Hedges are helpful downside protection in theory, but in practice they might not be worth it.
Read moreJuly 2, 2019
We examine four prominent factor premia – value, momentum, carry, and defensive – over a century from six asset classes. The results offer support for time-varying risk premia models with important implications for theory seeking to explain the sources of factor returns.
Read moreJuly 1, 2019
This year, first prize was awarded to “Can the Market Multiply and Divide? Non-Proportional Thinking in Financial Markets” by authors Kelly Shue, of Yale University and NBER, and Richard R. Townsend of University of California San Diego. The paper was awarded a $50,000 prize.
Read moreOur Approach
Cliff's Perspectives
July 2, 2019
If all of us, as investors, can persevere, we believe the long-term benefits are great. But even knowing all this in advance doesn’t make it easy. Hopefully, this reminder of what we all knew sixteen long months ago is helpful.
Read moreOur History
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