Subject: Re: ROE_Cash & YEY Blend
Judging by the number of people that left the board over the years and the way so
many screens that underperformed post discovery it seems obvious that most
people using MI did not do well. Somehow perhaps by a combination of using MI in
the earlier years and just by pure random luck I’ve managed to come out significantly
ahead over the long term. But my outperformance was almost all in earlier years,
my MI has lagged the market since 2008 to the point that I’ve been almost entirely
in Tactical Asset Allocations for the last few years. But interestingly the smaller portion
I’ve kept in screens have been doing well again recently.

One of the more interesting ideas I heard was by Andrew Lo. Physics is not a good analogy for the stock market. The laws of physics never change. Biology is better, since the market always evolves. I think fundamental indexing becoming popular may have hurt the screens. Or maybe just screening becoming so mainstream.