Introducing the New AQR S.M.O.O.T.H. Fund
Cliff offers some insights into the world of smoothed returns with a healthy dose of satire.
My latest blog on the new AQR S.M.O.O.T.H. Fund. This. Changes. Everything.
Just updated this slightly. Added a paragraph on leverage. I can't believe I missed that in the original post. h/t
for making a comment about leverage that inspired this update.
Though I have an answer for you