摘要： In early June, the National Bureau of Economic Research made it official: The United States was in a full-blown recession. Joblessness had risen to historic levels, total production was down, and industrial activity slowed to a crawl. Just like that, the COVID-19 pandemic had extinguished the longest period of expansion in U.S. history.
摘要： The so-called small-cap effect, whereby small companies tend to outperform large ones over time is well documented. The basic theory states that there is a premium to be achieved by investing in smaller companies. However, the challenge arises from the fact that the aforementioned small cap assets are usually a lot less liquid and are also a lot more volatile. In turn, transaction costs are higher and there is a greater risk of information leakage, impact on the underlying price as positions are slowly built up by active money managers. Another key factor to consider when trying to harness the effect is re-correlation risk. ......
