@lhamtil @teasri @MebFaber @ajb_powell @alphaarchitect @jvogs02 Please feel free to disregard. @goldstein_aa to the rescue: https://t.co/9GxZM5r8ub
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@lhamtil This paper, and others like it, evaluate multiples to *explain* current stock price, they're not using current multiple to *predict* future investment return. Huge difference! This is an interesting book on the topic: https://t.co/B29CSJZabP
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@Greenbackd @lhamtil This research found the same thing you guys did in QV: https://t.co/QHcBp8G2Ev They found that forward P/E is the best multiple *explaining* current price but works poorly as a stock selection strategy. I find that surprising.