Archive | March, 2016

Copper, Oil and Cyclicals All Turning Lower Right on Cue

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The impressive rallies of late in the industrial commodities could be nearing their end. Both copper and oil are bumping up against substantial resistance at their own 200-day moving averages that have acted to put a lid on previous rallies. Meanwhile, and not coincidentally, the relative underperformance of counter-cyclicals vs cyclicals since mid-February also appears […]

Copper Failing at the 200-Day?

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After the nearly 20% bounce that has taken place since the January lows, copper may now be running into intermediate-term resistance that could keep the rally capped for now. That resistance is the 200-day moving average, which has kept a lid on all the rallies over the last few years and acted as fuel to […]

On The Statistical Significance of the Knowledge Factor

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Review: Over the last week or so we’ve been highlighting how factor investing is not as cut and dry as advertised. The traditional simple factors (value, size, momentum, quality, low volatility) sometimes work and sometimes don’t so investors are left to make educated guesses about which factors will work in any given year. Here we’re […]

The Knowledge Factor: The Gift That Keeps on Giving

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In thinking about the long-term performance characteristics of the Knowledge Factor we were reminded of a quote from one of our favorite movies, “Christmas Vacation”. Readers who are familiar with this movie surely remember the scene in which Clark Griswold, played by Chevy Chase, having just received his “Christmas bonus” that was delayed in transit, opens the […]