This AQR paper reminds me a lot of our tail risk white paper. Great read!
Chart then download…
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Download PDF Worst of Times
Website https://www.aqr.com/Insights/Research/Alternative-Thinking/It-Was-the-Worst-of-Times-Diversification-During-a-Century-of-Drawdowns
Good investing, Meb Faber theideafarm.com