AdvancedMAD Academy0:46Quant

Every Factor Has a Bad Decade

Factors take turns working, and the periods of underperformance are long enough that almost nobody sits through them.

0:46 · 6 scenes

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What the Lesson Covers

  1. 0:00Every documented factor has spent years not working. Every one.
  2. 0:05They take turns. The best performing factor of one decade is regularly the worst of the next.
  3. 0:15The behavior it causes. Investors buy the factor after it has worked and abandon it before it does again.
  4. 0:24Why timing them fails. Timing a factor means predicting a cycle that nobody has yet predicted reliably.
  5. 0:33The honest requirement. Any factor tilt needs a horizon measured in decades, not in years.
  6. 0:41Diversify across factors, and size for a very long drought.
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Educational content only. MadStockAlerts provides market commentary, research, and educational content. It is not personalized investment advice, and nothing here is a recommendation to buy or sell any security. Trading and investing involve substantial risk, including loss of capital. See the Risk Disclosure and Customer Agreement.
Educational content only. MadStockAlerts provides market commentary, research, and educational content. It is not personalized investment advice, and nothing here is a recommendation to buy or sell any security. Trading and investing involve substantial risk, including loss of capital. See the Risk Disclosure and Customer Agreement.
Every Factor Has a Bad Decade — MAD Academy Training Video · MadStockAlerts