The Meb Faber Show
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Mikhail Samonov – Lessons from Two Centuries of Financial History | #502
Today’s guest is Mikhail Samonov, CEO of Two Centuries Investments, which was established to create long term wealth for investors through its blend of innovative and behaviorally focused investment strategies. In today’s episode, Mikhail walks through what led him to focus so much on ‘long history’ in his research. He shares lessons learned from studying two centuries of financial returns, including momentum and asset allocation. He also spends time explaining how he’s using AI to study intangible value and company cultures.
Key Points
- Mikhail Samonov's research into two centuries of financial returns indicates that price momentum has historically experienced significant drawdowns and warns investors about the potential for extended periods of underperformance in factor investing.
- Studying long-term history can provide valuable insights into the distribution of investment returns, particularly the downside, helping investors build resilience and maintain their strategies through market downturns.
- Innovating within the realm of intangible assets like company culture, leadership, and brand reputation, Mikhail is developing new investing strategies that leverage AI and natural language processing to assess and quantify these non-traditional factors.
Chapters
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Transcript
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