Capital Discipline – There Is A Fourth Great Stock Market Anomaly

Capital Discipline - There Is A Fourth Great Stock Market Anomaly by Andrew Hunt, Better Value Investing: A simple guide to improving your results as a value investor

Pretty much every investor is aware of the big three stock market anomalies. They are Value, Quality and Momentum. These three strategies have outperformed over the long term across most markets. Indeed, most investors define their styles by one of these approaches or a mixture of them.

Yet there is a fourth great anomaly that is at least as powerful as the big three. It also has sound, long-term empirical...