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O’Shaughnessy Quarterly Investor Letter Q3 2018

FYI: Basic factor investing is settled territory. Most investors have been bludgeoned with countless strategies that use factors like value, momentum, quality, or low volatility. As William Gibson observed in Pattern Recognition, “commodification will soon follow identification.” The primary factors were identified long ago and have been packaged and repackaged in just about every way imaginable.
Regards,
Ted
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