Andy Redleaf: Outperforming an index mathematically requires leverage, concentration, or turnover
Andy Redleaf · Andy Redleaf - Evolution of Markets (Capital Allocators, EP.46) · Apr 2, 2018 · at 51:08
Andy Redleaf, founder of Whitebox Advisors, outlines his core framework on the structural drivers required to generate excess returns over an index.
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“Returns above an index have to, mathematically, they have, the possible sources are leverage, concentration, or turnover.”
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