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.
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Jacob PizarEvidence 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 ReturnsCreated: 8/11/2026, 6:50:32 AM
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