Some of the strongest track records in money management are closely bound up with trend-based strategies. Yet by the standards of most investment anomalies, trend following’s results should have faded into mediocrity years ago. Why has it beaten the odds? Several experts in the niche offer their thoughts in the newly published fifth edition of Michael Covel’s Trend Following.
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US companies added workers at a faster rate in July, expanding payrolls by 205,000, up from an upwardly revised 194,000 in the previous month. That’s a healthy improvement, although the noisy monthly changes hide the fact that the year-over-year trend for payrolls continues to decelerate.
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The stock market is close to a record high, supported by the outlook for moderate US economic growth. Yet the bond market once again seems to be pricing in the prospects for a weaker economy.
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