In the previous installment in this series of analyzing a globally diversified portfolio we reviewed the results after adding a momentum-based risk-management system. The test suggested that a tactical overlay can be productive… maybe, depending on the details. Let’s continue to investigate our sample portfolio by taking a closer look at the underlying factors that are driving risk and return.
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● Dallas Fed mfg survey for Dec: activity gains; outlook slips | Bond Buyer
● Global stock fall as Chinese industry reels | Telegraph
● China Mfg PMI in Dec likely to show 5th month of contraction | Reuters
● Oil near 11-year lows on abundant supply, slowing demand | Reuters
● Significant pockets of weakness remain in US economy | Jared Bernstein
● The dirty little secret (data) in economics research | John Cochrane