Investment Insights
March 19 2024
Try and Catch the Wind
15 min read
Steven Bleiberg, Managing Director, Portfolio Manager, TD Epoch
For some investors, investing in “factors” seemed to offer a cleaner way to generate returns, without the messiness of worrying about individual stocks and their idiosyncratic behavior. These investors, however should not lose site of the fact that they are actually investing businesses, not factors. In this paper, we explore how 2023 highlighted the limitations of focusing on factors rather than businesses.
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