The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 9 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
O'Shaughnessy: No asset manager is applying tech platform principles holistically
“Asking whether or not we can apply those principles to a very simple old school asset management business. And the answer, at least in my view, unequivocally so far as yes, and nobody else is doing it. Or at least they're not doing it holistically as part of h…”
O'Shaughnessy: OSAM failed to make factor timing work despite massive research effort
“We have burned an insane amount of our time Capital, human capital, stress, just every kind of capital trying to make this work, and it has not.”
O'Shaughnessy: Negative stock returns are concentrated in the worst factor decile
“Most of the really interesting return, in this case, negative, bad return that you want to avoid, is concentrated in the tails, in the worst decile.”
O'Shaughnessy: Equity returns only stem from growth, multiple expansion, or capital returns
“When you're holding for that long, and you think about equities at an elemental level, I think there's just three ways to earn return. The businesses you own grow. In sales, earnings, EBITDA, whatever it is, free cash, the multiples of those fundamentals expan…”
O'Shaughnessy: All OSAM investment factors have behavioral explanations
“So I would argue all the factors that we use here have a behavioral component, or at least a compelling behavioral explanation for why they work.”
O'Shaughnessy: OSAM Has Seven External Research Partners, Including Jesse Livermore
“We now have seven of these people. It started with a very well-known anonymous writer who goes by Jesse Livermore online. He was sort of our pilot case.”
O'Shaughnessy: OSAM Failed Three Times Attempting Short Strategies Internally
“We've done it with our own capital three times and failed miserably each time, not an absolute return sense, but certainly an opportunity cost sense because it's been during this great run up. So we've lost a lot of return with our own capital trying to do thi…”
O'Shaughnessy: Key Investment Factors Historically Succeeded in Only 60-70% of Single Years
“In our research, luckily, those categories are honestly straightforward and simple. They're things like valuation, things like momentum, quality, return of capital. They're not crazy concepts. You just have to apply them with a lot of discipline, and I think t…”