Price-to-Book should be viewed as a risk factor rather than an alpha factor in portfolio construction, particularly for high-intangible companies, which has changed the way Bridgeway builds portfolios since this pattern became overwhelmingly true after 2007.

normativepending

Speaker

Jacob Pizar

Evidence 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”

Source

Redefining Value Investing in a Magnificent Seven Dominated World | Jacob Pozharny— Excess Returns
Created: 8/11/2026, 6:50:32 AM

My Notes

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