July 07, 2022

All investors face capital-market risk. Managing that risk, evaluating opportunities in the context of their goals, and assessing specific investments efficiently requires broad, objective, close-to-the-capital-market thinking. A global allocation framework does not need to be a black box that processes statistical variables and then spits out an investment plan. It should be a logical framework that lays out choices for investors. The LJE process strives to accomplish these objectives. It summarizes in a logical and consistent way the investment choices recommended by our assessment of the coming economic environment. The Year-to-Date Performance of the global capitalization weighted global strategy is firing on all cylinders. All strategies are adding value relative to their benchmarks. The global tilt strategy with a 19.06% decline and the global buy portfolio with a 10.67% loss outperformed the 14.35% decline posted by the global benchmark. In turn, the global sell portfolio with a 23.11% loss, underperformed the benchmark as expected. The international strategy fared better. The sell portfolio with a 26.81% decline underperformed the 16.64% return posted by the benchmark. The buy portfolio with a 9.29% loss outperformed its benchmark while the tilt portfolio with a 16.15% decline outperformed the 16.64% loss posted by the international benchmark.

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