Investment Philosophy Detail

This chart shows proof that the size, relative price, and profitability have been constant across time and common across markets. Each premium appears over many decades in the U.S. market.  Looking beyond the U.S. markets, these premiums have also appeared in developed ex U.S. and emerging markets.

The data provides evidence that this approach makes sense, offering greater confidence that the premiums will persist in future time periods.

Dimensions of Expected Returns

Historical Observations of Five-Year Premiums

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