- The Idea Farm
- AQR on the Next Decade for US Stocks
AQR on the Next Decade for US Stocks
AQR states the excess-of-cash return on the S&P 500 averaged 11.9% per year over the past decade. That is well above the 90th percentile of rolling ten-year performance across global developed equity markets since 1950. Then they analyze what assumptions are needed for equities to achieve similar (or just average) returns over the next decade.
Verdad published a great piece on private equity, which can be summed up by the following:
"Our results suggest that the dispersion in private equity can be fully replicated in public markets, provided that investors focus on buying cheap, levered micro-caps and hold them in a concentrated portfolio, similar to the portfolio construction in PE."
Facts & Figures
Pinterest released their 2024 “Pinterest Predicts” report, which shares emerging trends for the coming year based on the 482 million people that use Pinterest. Link
a16z’s Katherine Boyle gave a must-listen speech on American dynamism and how to win the fight for America (19 minutes). Link
What people searched for in 2023 on Google. Link
Here’s an intellectually honest analysis of tech company dilution. Link
Robin Wigglesworth wrote 4,500 words on the past, present and future of multi-factor quant investing, with lots of insight from AQR’s Cliff Asness. Link