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Lately, any article about factor timing that hits my inbox (and there are a lot) receives a quick swipe right into my digital trash can.

So when Nathan told me that he wanted to publish a piece this week on factor timing, I couldn't help but roll my eyes.

But shame on me, because this is Nathan we're talking about here: he's never taken the conventional approach in his research.  

So I read the article; Nathan did not disappoint!  He didn't back-test another rotation model, but instead asks a deeper question: how good would a rotation model have to be to out-perform a naive, diversified model? (PDF)


Read of the Week
→ FOOL'S GOLD: "Certainly, if one were to take only the index-level valuations, EM, as measured by MSCI, would look like a steal. EM trades at just under 12 times next year’s earnings as of September, versus more than 17 times for the US.  Yet take a look beneath the surface of index-level data and you could argue that emerging market stocks are hardly the bargain that they seem to be."  The Fool's Gold of Emerging Market Valuations

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