Quality strategy
Quality Minus Junk
Buy cheap, high-quality firms and avoid expensive junk — quality that the market hasn't fully priced in is the edge, not quality at any price.
~1 year per holding; rebalance annually or semi-annuallyIntermediate
Clifford Asness, Andrea Frazzini & Lasse Heje Pedersen — “Quality Minus Junk” (AQR working paper, 2013; Review of Accounting Studies, 2019)