Subject: Re: Asness - markets got more inefficient
A lot of good stuff in the paper. This stood out for me:

Do not think you can hide from volatility. It either finds you very painfully eventually or you pay too
dearly for the fake smoothness along the way. Don’t trade the wrong direction on 3-5 year results. Don’t
be fooled by valuation changes, even over some very long periods, into throwing away what’s right.