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A webcast presentation originally held on May 25, 2016 by Michael Gayed, CFA and Charlie Bilello, CMT as part of the TAN Association’s Educational Web Series.
In their 2016 Charles H. Dow Award winning paper “Leverage for the Long Run”, Michael A. Gayed, CFA and Charlie Bilello, CMT challenge popular notions about leverage and moving averages. They establish that certain factors (volatility and path dependency) are critical to effectively deploying leverage and illustrate how moving averages can be used to systematically evaluate these factors. The strategies revealed in the paper counter the Efficient Market Hypothesis and CAPM in exhibiting higher risk-adjusted returns than a comparable buy-and-hold strategy.
Join Michael and Charlie as they discuss the surprising findings of their research and practical ways for active managers to potentially increase returns and manage risk.
You can download their full paper here: https://docs.cmtassociation.org/dow-award/2016-gayed-bilello.pdf
Michael A. Gayed is Portfolio Manager at Toroso Investments, an investment management company specializing in ETF focused research, investment strategies and services designed for financial advisors, RIAs, family offices and investment managers. Prior to Toroso Investments,...
Charlie Bilello, who holds the Chartered Market Technician (CMT) designation, is the Director of Research at Pension Partners, LLC, where he is responsible for strategy development, investment research and communicating the firm’s investment themes and portfolio positioning to...
Presenter(s): Steven Goldstein
Presenter(s): Steven Goldstein
Presenter(s): JC O'Hara, CMT, CAIA
