Buybacks and the Complexity Discount Premium
Plus! Housing Liquidity; Housing Liquidity (pt. 2); YouTube Roll-Ups; Kroger; Convergence in Sports
In this issue:
Buybacks and the Complexity Discount Premium
Housing Liquidity
Housing Liquidity (pt. 2)
YouTube Roll-Ups
Kroger
Convergence in Sports
Buybacks and the Complexity Discount Premium
"Complexity," like "illiquidity," is a trait that in theory should give an asset a discounted valuation, but that doesn't always in practice. AQR has a great piece I've…
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