FYI: This is a follow-up to my unintendedly long magnum opus on this quite painful year. It’s been only a few weeks, but things have continued to stink. I somehow feel that when I write a cathartic tome that I’m proud of, the universe is supposed to notice and immediately turn things around. Nope. Unfortunately, that’s just not how this works. These last few weeks have been particularly hard as systematic value, still the cause of much of our year-to-date pain, has in fact had a decent bounce back (though now fading again as I write this). While my description of this year to date was, and is, accurate, I have always been clear that we’re very much not a pure value investor. In fact, in the long piece I wrote:
Regards,
Ted
https://www.aqr.com/Insights/Perspectives/The-George-Costanza-Portfolio
