Non-Cap Weighted Indexes

TL;DR — Cliff Asness’s 2007 Q-Group talk on fundamental indexing: weighting by sales or book value instead of market cap is just value investing with extra steps.

How much weight it carries: A practitioner’s argument from AQR, an interested party, but clear and well-reasoned.

Where this came from

• Will Manidis’s “most underrated PDF” thread, July 2023 — routing record: The Most Underrated PDF on the Internet (July 2023)

50 pages. A copy is archived locally against link rot; the header links the original source.