To recap our allocation moves over the last year: We established an initial equity hedge in tactical accounts very close to the January 2018 highs.
Feb
07
2019
Trend-Following Travails
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![Doug Ramsey / Chief Investment Officer & Portfolio Manager](https://leuthold.imgix.net/leutholdgroup.com/site_files/authors/DSC_3768_LR_Doug.jpg?h=150&w=150&fit=crop&fp-y=.15)