EBOOK É EPUB Dual Momentum Investing äº GWAIRSOFT

KINDLE Dual Momentum Investing

EBOOK É EPUB Dual Momentum Investing ä º GWAIRSOFT ó ❴Download❵ ➵ Dual Momentum Investing Author Gary Antonacci – Gwairsoft.co.uk The investing strategy that famously generates higher returns with substantially reduced risk presented by the investor who invented it A treasure of wThe investing strategy that famously generates higher returns with substantially reduced risk presented by the investor who invented it A treasure of well researched momentum driven investing processes Gregory L Morris Chief Technical Analyst and Chairman Dual Momentum PDF Investment Committee of Stadion Money Management LLC and author of Investing with the TrendDual Momentum Investing details the author's own momentum investing method that comb OTD1Simplicity is the ultimate sophistication Leonardo da VinciOne this funny little gem comes out of nowhereOTD2In the words of Richard Driehaus The stock market is like a woman You observe her You respond to her And you respect her That is not as easy as it sounds Just ask my ex wife Gary Antonacci Dual Momentum Investingrim shot he heThis is a good investment book I am a BIG momentum and relative strength guy The most positive aspect of the book is its simplicity The dual in Dual Momentum is1 relative momentum picking the best performing security out of a group of them and2 absolute momentum only investing in a security when it's return is positive over a period of timeThe worst part of Dual Momentum is its simplicity see how clever I am there the positive aspect is the same as the negative clever how's that working out for you This book is 200 pages of support for some really simple stuff It was overdone I think in attempt to give the book an academic feel to it This isn't necessaryThe basic algorithm is this Antonacci uses returns from the past 12 months to make decisions In the Global Euities Momentum algorithm he chooses between a US security like SPY and a World ex US security like VEU You run this algorithm each month Step 1 Pick the best performer of US vs World over the last 12 months relative momentum Step 2 If the winner in step 1 has a positive return over the last 12 months then buy it Otherwise go to bondscash absolute momentum DoneOne weirdfunny thing The book is black and white and many of the charts with 5 6 gray lines are completely unreadableI'll wrap with the key concept and the reason I love momentum algorithms This approach allows you to invest while reducing the risk of a huge drawdown Markets don't just fall off a cliff First they underperform and then they fall off a cliff Or not Either way you're protectedOTD3With dual momentum we can comfortably focus in euities especially US euities and capture this higher risk premium Dual Momentum InvestingBTW here's the website wwwoptimalmomentumcomThis is a good investment readyow bill

Gary Antonacci Í Dual Momentum Investing KINDLE

Ines US stock world stock and aggregate bond indices a formula proven to dramatically increase profits while lowering riskAntonacci reveals how momentum investors could have achieved long run returns nearly twice as high as the stock market over the past years while avoiding or minimizing bear market losses and he provides the information and insight investors need to achieve such success going forward His methodology is designed to pick up on m I've gotten interested and started using different trend following approaches in my investments Trend following is a particular strategy that seems somewhat counterintuitive you buy when things are going up and sell when they are going downHowever it has one major thing to recommend it it doesn't experience large losses By selling when markets trend lower trend approaches can miss out on gains but protect investors from large lossesThis intuitively makes sense to me from a risk management perspective and the math works a 50% loss reuires a 100% gain to get back to break even If you can clip off the left tail of the distribution the big losses there's less room to make it up and that should improve your long term returnsDual Momentum Investing is a particular approach to trend following that uses two trend indicators hence dual to move in and out of the marketThe author does a great job explaining the overall investing landscape and evaluating the two main anomalies value and momentumIt then goes into detail about a specific momentum based system that is relatively easy to implement using very liuid ETFsIf you'd like to go deeper into trend following particularly why using multiple look back periods is important here are some excellent pieces of 201 level contentFrom Fragility Robustness Euity Momentum the Uncertain Payout of Trend Following and Rebalancing

BOOK Ý Dual Momentum Investing Í Gary Antonacci

Dual Momentum InvestingAjor changes in relative strength and market trendGary Antonacci has over years experience as an investment professional focusing on under exploited investment opportunities In he founded Portfolio Management Consultants which advises private and institutional investors on asset allocation portfolio optimization and advanced momentum strategies He writes and runs the popular blog and website optimalmomentumcom Antonacci earned his MBA at Harvard This is not a text on stock picking strategies as I mistakenly assumed; it’s a book on asset allocation using momentum strategies Gary Antonacci with a background in as diverse areas as the US Military Harvard Business School and touring as a comedy magician is a pioneer in developing derivate based investment strategies Here he’s written a book aiming to take the academic underpinnings of momentum strategies and show how these can be profited from The proposed strategy called Global Euities Momentum GEM uses a combination of relative momentum to decide where to invest within euities and absolute momentum to decide when to be in euities in the first placeThe book could broadly be divided into 3 parts The first few chapters are a tour of the academic theory of efficient markets of behavioural finance and of momentum investing but also of the history of momentum practitioners The crude summary is that EMT is wrong and momentum investing works The latter is thanks to behavioural factors The reader is served a veritable who’s who of financial academia and momentum investing and despite that in my opinion it’s a bit over the top to refer to 217 academic papers and books on the 141 pages of Dual Momentum Investing the text is still really enjoyable However if the reader hasn’t a complete overview of academic research it is hard to control for the author’s potential selection bias in which academic papers are brought forward To the best of my knowledge the picture that is painted is reasonably objectiveThe next set of chapters gives background information to the GEM strategy A number of alternative asset classes and investment strategies are examined The general conclusion is that investors haven’t been able to generate alpha through them or that they haven’t shown much absolute returns over time or that something else is wrong with them Although I sympathize with momentum investing I found this part a bit over selling Basically nothing works apart from momentumThe last part of the book presents Antonacci’s model and discusses tweaks and alternatives The model looks to the performance over the last 12 months and matches the best performer of US stocks and international stocks against US T bills If the best performing euity index has outperformed T bills then the money goes into this euity index If not then money will be invested in bonds The strategy is executed through liuid ETFs with low transaction costsIn the author’s backtests the GEM strategy 1974 to 2013 gives a brilliant annual return of 174 percent with a Sharpe ratio of 087 and a maximum drawdown of 227 percent This is compared to a global euity index with 89 percent returns 022 in Sharpe ratio and a maximum drawdown of 457 percent As a side note Warren Buffett’s Sharpe ratio during about the same period was 076The strategy is a rather unassuming yet efficient combination of euity universe selection based on relative price momentum and a risk management strategy based on relative euity market momentum compared to T bills Since T bills will return something close to zero this latter could be said to be an absolute strategy Since the stock indices lack a risk management strategy the best relative performance for GEM is in stock market crashes The absolute momentum part is obviously an intellectual cousin to using 200 day moving averages and Antonacci shows that the strategies yield very similar resultsThe free spirited character and anti authoritarian streak of Antonacci come forward in a nice way in the text At the same time the author is extremely learned If something I would have liked to hear about Antonacci’s own experiences in the markets to complement all the academic researchI would say that the average investor would get much better investment returns by switching to the GEM strategy However if everybody did switch it would destabilize the financial markets but this is clearly true of any investment strategy