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Predicting Stock Returns Using Firm Characteristics
(MENAFN- ValueWalk) A few weeks ago, we did a deep dive into the factors versus characteristics .
One of the reasons we've brought up this debate is due to the fact that 'factor' loadings (from regressions) are arguably not as helpful as portfolio characteristics. In other words, knowing a portfolio P/E ratio is more informative for forecasting expected returns than knowing the HML factor loading is .6.
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