Investment Insights
March 19 2024

Try and Catch the Wind

15 min read

Steven Bleiberg, Managing Director, Portfolio Manager, TD Epoch

For some investors, investing in “factors” seemed to offer a cleaner way to generate returns, without the messiness of worrying about individual stocks and their idiosyncratic behavior. These investors, however should not lose site of the fact that they are actually investing businesses, not factors. In this paper, we explore how 2023 highlighted the limitations of focusing on factors rather than businesses.

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