MM investing style
Since a decent amount of historical SP500 equity growth is due to multiple expansion, don't you still have to have a long term view? How can you only focus on trading earnings / short term? Or is it in practice, the MM model actually takes this into account?
Not everyone at an MM trades quarters/positioning/whatever the weekly data’s 2Y stack is
You also have to account for how much of multiple expansion is beta/factor or whatever, which is diluted or neutralised when hedging
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