Earnings yield as an estimate for expected returns¹

Douglas Isles | Platinum Asset Management | 17 December 2018

In a presentation at Portfolio Construction Forum Strategies Conference 2017, Andrew Clifford, Chief Investment Officer at Platinum Asset Management, argued that “index obsession is unhealthy and leads investors astray”.²

Clifford's central thesis was that, at its core, investing is about deploying savings into assets that generate a return. He focused primarily on equity investing. Rather than allowing a...