@article {Ranson62, author = {R. David Ranson}, title = {Some Empirical Foundations for Tactical Asset Allocation}, volume = {19}, number = {3}, pages = {62--74}, year = {2016}, doi = {10.3905/jwm.2016.19.3.062}, publisher = {Institutional Investor Journals Umbrella}, abstract = {Certain price {\textquotedblleft}signals{\textquotedblright} produced by financial markets appear to contain substantial information about future asset returns and macroeconomic behavior. Recognizing and exploring this opportunity, the article proposes and illustrates a simple model for anticipating the absolute and relative performance of the major asset classes. It reviews evidence for the broad predictive power of two particular market signals: credit spreads and the price of gold. The reader should bear in mind that the model is one that is derived from the evidence, rather than a model that the evidence is used to test.TOPICS: Portfolio construction, statistical methods, performance measurement}, issn = {1534-7524}, URL = {https://jwm.pm-research.com/content/19/3/62}, eprint = {https://jwm.pm-research.com/content/19/3/62.full.pdf}, journal = {The Journal of Wealth Management} }