So far, we’ve discussed the importance of investment universe selection and price momentum in designing a robust asset allocation methodology. If you haven’t read those articles, we would strongly encourage you to do so before proceeding with this one. We lay most of the …
Keep ReadingInvesting & Economics
Dynamic Asset Allocation for Practitioners, Part 1: Universe Selection
In this series, we deep dive into the fundamentals of Adaptive Asset Allocation. Provide an intuitive baseline for Global Tactical Asset Allocation strategies in general.
Keep ReadingVideo: What You Need to Know about Valuations in 6 Minutes
In this 6-minute video Adam Butler introduces a simple but novel innovation for modeling equity market valuations. There are reasons to believe average valuations should rise through time in response to changes in market structure. We discuss the conditions that …
Keep ReadingThe Case for Tactical Alpha, Part 3: The Greatest Trick Wall Street Ever Pulled
The investment industry has investors convinced that the only path to better performance is through stock selection. As a result, most investors approach the challenges of portfolio construction exactly backward and miss out on the most important opportunities to …
Keep ReadingDemystifying Risk Parity with RealVision and 90 Years of History
Risk Parity is having a moment.For us, the fuse was lit in August 2016 when Bank of America Merrill Lynch released a research note suggesting that Risk Parity investment strategies represented a substantial source of systemic risk in global markets…
Keep ReadingMulti Factor Indexes: More Bang for Your Buck
Many advisors are unsure whether introducing factor-tilt ‘smart beta’ strategies into portfolios will improve client outcomes. In fact, some factor tilt portfolios appear to provide the equivalent of levered exposures to a diverse set of alternative risk premia. This is …
Keep ReadingA Skeptic’s Guide to Factor Investing
There is a great deal of evidence supporting the existence of alternative sources of excess returns, such as value, momentum and low risk. Factor investing is real; In fact, these factors are observed in virtually every market and asset class around the world. And they have …
Keep ReadingUsing Time-Series Momentum to Intentionally Miss the Best Months. Yes, Really.
The buy-and-hold crowd, including many mutual fund companies and a large cross-section of vocal pundits, like to talk about how missing the N best days/months in the market causes a serious impairment to long-term investor returns …
Keep ReadingReSolve and S&P Dow Jones Debut Industry-Leading Risk Parity Index
ReSolve’s primary mission has always been to educate investors on the importance of thoughtful diversification. And judging by the fund flows report, there’s no more pressing time to do so than right now. We hope this new index is a useful tool in keeping your clients from …
Keep ReadingReport: Are We Near the End of the Diversification Pain Train?
The experience of the past decade has led investors to conclude that international investing is a mug’s game, diversification is dead, and they should throw all their savings into US stocks. We believe these conclusions are
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