Cliff Asness: Don't Go For The ExactaGuest Post
Don't Go For The Exacta by Cliff Asness, AQR Capital Management
This issue comes up often, but recently I’ve seen more than the usual amount of “we forecast X, so we’re betting on Y” type stuff where X and Y are different events. The most common, but certainly not the only, example I’ve seen of such a two-step bet is having a strong currency view with a recommendation to . . .
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