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Green Book May 2013

Major Trend Moves Us To A Neutral Stance

What To Sell, If Selling In May. Those inclined to sell in May should sell Small Caps. If you don’t have Small Caps, sell Cyclicals, at least for the next six months. A monetary indicator that still works. Disentangling industry and country effects in a global equity portfolio. Industry price trend persistence is more predominant globally than domestically. The disappearing “large” effect and emerging market performance. QE beneficiaries: highly levered firms outperform. Group models disagree on Consumer Staples but agree on Energy and Industrials. Q1 earnings reports tracking significantly below average. Does a weaker currency = higher net exports? 


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