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CLT- Before Its Too Late: Using Lumber and Gold to Actively Manage Stocks and Bonds
Apr 25, 2018 12:00 am
Michael Gayed will speak on lumber and gold and the effects they can have on stocks and bonds.
In their 2015 NAAIM Wagner award-winning paper, Charlie Bilello and Michael A. Gayed uncover a market anomaly in the relative movement of Lumber to Gold. They show that the relationship between these two commodities provides important information on economic growth and inflation expectations, which gradually diffuses with a lag to stock and bond markets. Bilello and Gayed use Lumber and Gold as a signal to help answer the most critical question for active asset managers: when to take more risk (“play offense”) and when to take less risk (“play defense”) in an investment portfolio before it’s too late.
Michael Gayed, CFA