AlphaClone

AlphaClone 2016 Year End Letter

The past year has been one of the most difficult investing environments for high active share strategies since the financial crisis.  In a nutshell, cheap money and accommodative central bank policy around the globe has artificially inflated both correlations and valuations in equity markets.  The result is a dissipation in the relative valuation of bad companies compared to good companies, giving stock pickers a very hard time.  For a more in depth look at the factors that have negatively impacted skilled managers’ abilities, please read the research note we published a few weeks ago – “exclusively for paying members. Access all of our content on including years of timeless investment news and in depth analysis for only a few dollars a month by signing up here while also supporting quality content and journalism, or learn more about our premium content here

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