October 11th, 2016 | The Meb Faber Show
Gregg Fisher talks multi-factor on podcast
Gerstein Fisher CIO Gregg Fisher discusses multi-factor investing on the Meb Faber Research podcast. Episode 23 of the show features Gregg in a conversation about factor investing. During the 40-plus -minute interview, the conversation gravitates toward the behavioral side of investing, leading Gregg to an interesting comment: “Sometimes the best investment strategy isn’t the right investment strategy.” He goes on to illustrate what he means, noting that if we bought nothing but small cap value stocks and held them for the next 50 years, we’d look back and realize that such a strategy would have been one of the most successful ones anyone could have chosen. The problem is that the volatility of that strategy is off the charts, so most investors can’t stick with it. In many ways, the experience of investing is as important to us as the outcome. Gregg added that the whole concept of factor investing is to be different than the average investor.