In a low growth world, the value anomaly is dead |
Mark Arnold | Hyperion Asset Management | 22 August 2019 | 0.25 CE |
For six decades following the end of WW2, buying stocks on short-term value heuristics such as low P/E or P/B ratios resulted in high alpha generation that could not be explained by the efficient market hypothesis. But looking back 60 years only provides partial vision – looking back further gives better context and clarity, and shows that this “value anomaly” was driven... |
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