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  • Risk Parity and The Four Faces of Risk

    Benjamin Graham famously said that “In the short run, the market is a voting machine but in the long run, it is a weighing machine.” But this is not quite correct. Rather, in the short term, the market is a machine where investors “vote” about what the market will “weigh” in the future. Of course, when Benjamin Graham referred to…

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  • Can Robo-Advisors Evolve? Introducing Robo 2.0

    Over the past year or so, a new breed of online advisor has entered the space with a mission to take the robo-advisor model to the next level. While traditional robo-advisors have focused largely on cost reduction and convenient online engagement, the new breed is committed to nothing short of a quantum leap in innovation on the investment side.

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  • Tactical Asset Allocation Alpha and The Greatest Trick the Devil 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 challenge of portfolio construction exactly backward, and miss out on the most important opportunities to produce differentiated performance. The purpose of this series is to challenge the conventions that lead to misguided asset allocation priorities, and…

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  • Risk Parity isn’t the Problem, it’s the Solution

    Bank of America Merrill Lynch recently released a research note suggesting that Risk Parity investment strategies currently represent a substantial source of systematic risk in global markets. The note was picked up breathlessly by several media outlets and posted under sensationalist headlines employing eye-catching terms …

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  • Brexit: A Case Study in Diversification and Downside Protection

    You probably know by now that Britain has voted to exit the European Union. We won’t offer detailed commentary on the political situation, but those who are interested can watch Prime Minister David Cameron’s resignation speech here, and …

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  • The Importance of Asset Allocation vs. Security Selection: A Primer

    By far the greatest source of personal consternation as a professional in markets is investors’ obsession with finding the best stocks, or the best stock pickers. The fact that investors pursue this objective at all undermines all meaningful arguments about efficient markets. After all, why …

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GestaltU is a forum for research, opinion pieces, and educational material from the team at ReSolve Asset Management. Our views are driven by evidence based finance, with a special focus on asset allocation; factors and smart beta; retirement and endowment strategies, and; quantitative methods.

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