Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting

@article{Stafford2015ReplicatingPE,
  title={Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting},
  author={Erik Stafford},
  journal={Mutual Funds},
  year={2015}
}
Private equity funds tend to select relatively small firms with low EBITDA multiples. Publicly traded equities with these characteristics have high risk-adjusted returns after controlling for common factors typically associated with value stocks. Hold-to-maturity accounting of portfolio net asset value eliminates the majority of measured risk. A passive portfolio of small, low EBITDA multiple stocks with modest amounts of leverage and hold-to-maturity accounting of net asset value produces an… Expand
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