Alex Ambroz

But we're ignoring every other factor research, every other factor insight that's come out since then.

And this white paper that I mentioned

Barber 2019, they noted that almost all allocators, almost all investors, they pay attention to beta, cap M, first factor, but they ignore every other factor.

And Fama French came out with a three-factor model, and then they expanded it with a five-factor model.

And there are tools, PortfolioVisualizer.com, FinPilot.ai, Excel.

where you can run this five-factor model research.

You can get all the data for free.

Fama French still put it on their website for free.

You can run it within minutes for a given fund.

The key insight, though, from this white paper was that nobody's doing this.

They are not running this research, and they are relying just on the CAPM beta and attenuating to alpha what is actually beta, what is actually factor exposures from the other four factors.

Absolutely.

So good to see you, David.