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Game Changed, Problems Remain
October 2019
Read Time: 20 min
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Abstract

Investors can cut through much of the performance noise in their evaluation of equity strategies by asking three simple questions which address a strategy’s economic rationale, the reliance of the strategy’s performance on rising valuations, and the real-world trading costs associated with execution of the strategy. Applying this framework can help investors achieve better long-term outcomes in their portfolios.