Quant TAA Paper Updated

For real this time!

Somewhere in the Internet ether, between my computer and the SSRN I managed to send in the wrong PDF.  I thank graciously the (many) readers who caught my error.  The good news is the the results were understated in the incorrect paper.

Please redownload, and apologies for the inconvenience!

Quant TAA Paper here.

NOTE:  A number of readers have noticed that the 50% drawdown in Exhibit 5 does not match the drawdown I mention in the text.  That is because they occured at two different times!  The largest drawdown for B&H occured in 1932 while Timing only had a 44% DD.  When the market cratered again in the early 1940s, both B&H and timing suffered 50% DDs…