Alpha or Assets?

Categories Author: Patrick O'Shaughnessy, Investing, Market Cap, Value

“Financial markets lend themselves to initially self-reinforcing but eventually self-defeating processes.”

— George Soros

More and more investors are buying “factor”-based strategies, which invest using measures like valuation and low volatility. However, the most popular strategies are applying factors the wrong way. We believe that strategies should be built for alpha, not scale — but the asset management industry has gone in the opposite direction.  Continue reading “Alpha or Assets?”

When a “Value” Company is not a Value

Categories Author: Chris Meredith, Investing, OSAM Research, U.S., Value

Value has broadly been accepted as an investing style, and historically portfolios formed on cheap valuations outperformed expensive portfolios. But value comes in many flavors, and the factors(s) you choose to measure cheapness can determine your long-term success. Continue reading “When a “Value” Company is not a Value”