Price-to-Book has shifted from being an alpha factor to functioning as a risk factor in portfolio construction, particularly after 2007, and this shift is consistent with the growth in intangibles observed in their research.
causalpending
Speaker
Jacob PizorEvidence Quote
“we're actually seeing Price to Book as more of a risk factor in our portfolio construction uh rather than an alpha Factor so it's changed our thinking quite dramatically [14:06]”
Source
Redefining Value Investing in a Magnificent Seven Dominated World | Jacob Pozharny— Excess ReturnsCreated: 8/11/2026, 7:46:05 AM
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