Research has shown that the value premium consistently produces excess returns over the long term. If true, why have value investors underperformed recently? The answer may lie in the cyclical nature of the value premium and the performance-chasing nature of investors.
Join Dr. Jason Hsu, co-founder and vice chairman of Research Affiliates, as he discusses his latest research and explains:
• Why well-documented return premia vary over time
• What drives cyclicality and what it means for investors
• How investors can successfully access the value premium
David Einhorn's Greenlight Capital funds were up 11.9% for 2021, compared to the S&P 500's 28.7% return. Since its inception in May 1996, Greenlight has returned 1,882.6% cumulatively and 12.3% net on an annualized basis. Q4 2021 hedge fund letters, conferences and more The fund was up 18.6% for the fourth quarter, with almost all Read More
Some good stuff in this video – some slides and embed below also see – why do value investors underperform?