15 Ideas, Frameworks, and Lessons from 15 Years
Today, August 28th, 2023, my company Newfound Research turns 15. 
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Is Managed Futures Value-able?
In Return StackingTM: Strategies for Overcoming a Low Return Environment, we
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Index Funds Reimagined?
A critical review of Research Affiliates's paper "Reimagining Index Funds," finding unintended style drift in the construction methodology.
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Portfolio Tilts versus Overlays: It’s Long/Short Portfolios All the Way Down
Several years ago, I started using the phrase, “It’s long/short
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What Is Managed Futures?
Summary Much like in 2008, managed futures as an investment
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Return Stacking in an Inverted Yield Curve Environment
Introduction  When we first started publicly writing and talking about
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Rebalance Timing Luck: The (Dumb) Luck of Smart Beta
We are proud to announce the release of our newest
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Heads I Win, Tails I Hedge
We explore the application of tactical signals to a rolling put strategy, seeking to minimize long-term costs while still providing meaningful protection.
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Option-Based Trend Following
Option strategies can be used to isolate and quantify the cost of whipsaw in trend following strategies, which can help set expectations on whipsaw.
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Tail Hedging
In this research note we demonstrate that holding to expiration is not a required feature of a successful tail hedging program.
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Defensive Equity with Machine Learning
This post is available as a PDF download here. Summary
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Straddles and Trend Following
A strategy with straddles can be similar to a trend followings strategy and it can highlight the trade off between insurance premiums and deductibles.
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Tranching, Trend, and Mean Reversion
While tranching can simply be a way to de-emphasize the impact of a specific rebalancing date choice, it may also introduce momentum effects in a portfolio.
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One Hedge to Rule Them All
There is no perfect hedge for equity market drops. Rather finding a hedge that pays when you need it and costs little when you don't is the goal.
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Why Trend Models Diverge
We demonstrate that many common trend models are mathematically linked, but show how their differences can lead to meaningfully different signals.
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Ensembles and Rebalancing
While most rebalancing literature has focused on combining asset classes, we believe this literature can be trivially extended to ensembles of strategies.
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Diversification with Portable Beta
Looking at the passive and active components of a portable beta strategy can shed insight on how they perform individually and interact with each other.
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Payoff Diversification
We explore the 'how' of our what-how-when framework of diversification and demonstrate the idea of "payoff diversification" with rebalancing and momentum.
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