October 07, 2019

The capitalization weighted global strategy is working on all cylinders. The global tilt strategy with a 13.95% appreciation and the global buy portfolio with a 16.13% gain outperformed the 13.75% increase posted by the global benchmark. The global sell portfolio with a 9.13% gain underperformed the benchmark The capitalization based international strategy is not faring as well. Only the international tilt strategy with an 8.57% return outperformed the 8.50% appreciation posted by the international benchmark. The year to date results validate a couple of our assertions. The first one being our expectations that over time the relative cumulative performance will improve as the number of draws increases. The second being the differential performance between the global benchmark, tilt, buy and sell portfolios and the corresponding international portfolios is simply attributable to the US outperformance. That is why we argue that the US allocation is the most important decision one can make in global investing.

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