Global Tactical Asset Allocation: Just the Facts


Rob Seawright of Above the Market recently posted an article broadly skewering tactical asset allocation (TAA) strategies. He cites the failure of market gurus to pick market turns (from a CXO analysis we’ve discussed in the past), and a Morningstar study showing that TAA has under-performed the Vanguard U.S. 60/40 balanced fund over the past few years (hearsay from a Larry Swedroe article here).

Read More





We’re Launching Our 2nd Blog: SKEW


Today, we are happy to announce the launch of Skew, our second blog.  Until we move it to its permanent home, you can find it at GestaltU.com/skew/.  Bookmark it or add it to your feed reader right now.  Go ahead, we’ll wait.

Read More





Winning By Not Losing: Bootstrap Quantile Clouds


Fundamental Rule #1:
For most investors, financial risk is singularly defined as the probability of not reaching financial goals. As such, the sole objective of investing is to minimize this risk.

Read More





The Narrative is Reality


“I have come to believe that the whole world is an enigma, a harmless enigma that is made terrible by our own mad attempt to interpret it as though it had an underlying truth.”
― Umberto Eco, Foucault’s Pendulum

Read More