We discussed private equity replication with public equities here and here.

Erik Stafford just won the “honorable mention” award from AQR for his work on the subject.

Click the image below to hear Erik’s 3 minute video explaining his key findings:

2016-05-16 16_45_18-AQR - Replicating Private Equity with Value Investing Homemade Leverage and Hold

Source: AQR

Bottomline: buy cheap small caps based on enterprise multiples

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