%0 Journal Article %A R. David Ranson %T Some Empirical Foundations for Tactical Asset Allocation %D 2016 %R 10.3905/jwm.2016.19.3.062 %J The Journal of Wealth Management %P 62-74 %V 19 %N 3 %X Certain price “signals” 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 %U https://jwm.pm-research.com/content/iijwealthmgmt/19/3/62.full.pdf