There is only one side of the market and it is not the bull side or the bear side, but the right side.
July 17, 2018
The active manager cannot control his own destiny in times of high market correlation, but when correlation is a normal 26% - or lower - he can “hammer” the market. Correlation is the degree that different securities move together in tandem. The norm of 26% goes back close to a hundred years. Sudden increases in correlation are always...