Risky Business
| 01 February 2006
Link to Article- Authors: Callahan and Howard
- Publication: Investment Advisor
- Publication Date: February 2006
- Intro: In the September 2005 Investment Advisor, we showed that characteristic (value-growth and market capitalization) constrained investing costs investors almost 300 basis points per year. Then, in the January 2006 issue, we demonstrated that characteristic boxes are not asset classes since they are not compositionally unique, have high correlations with one another, and experience changing membership over time.