You may note that all these supposedly different factor baskets are basically either highly correlated or highly anticorrelated now because they're loading on some kind of massive latent factor. You would be right!

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A brief summary of the market recently: all those lines going down are baskets of stocks with "good" characteristics: cheap, profitable, high ROIC, low risk, &c. All the lines going up are baskets with "bad" characteristics: volatile, very cyclical sales, high turnover, already up hugely, &c.

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I prefer to invest in the "quality" factor which I define as the quality of going up

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I'm so sorry, Sarah, I hope it turns out to be the least threatening thing a brain tumor has ever been.

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Yeah! Test results just appearing without good context, tempting you to apply your research skills outside of your home turf. It's crazy-making.

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