Contrarian Factor Timing is Deceptively Difficult (Supplement)

There have been recent incidents of individuals and groups falsely claiming to be associated with Lodestone Wealth on social media platforms. These imposters have engaged in a variety of unauthorized conduct, including soliciting customers to carry out trading activities with them, impersonating Lodestone Wealth using the genuine names of Lodestone Wealth senior executives or employees to offer investment opportunities, claiming to offer investment training courses that are supposedly provided by Lodestone Wealth or claiming that Lodestone Wealth is backing certain initial coin offerings or is otherwise engaged in crypto related trading activity. There have also been fake websites and mobile applications that claim to be Lodestone Wealth (or associated with Lodestone Wealth) when in fact they are not. These are scams and not authorized by Lodestone Wealth in any way.

Please be aware that Lodestone Wealth does not engage in any investment activities, provide training or financial services, or conduct other regulated activities through social media platforms or messaging apps. Similarly, Lodestone Wealth, its executives and employees do not contact prospects, clients or members of the public via social media platforms or messaging apps such as WhatsApp, Discord and Telegram to offer investment opportunities. Lodestone Wealth does not offer direct investments in cryptocurrencies or other digital assets, it does not provide a trading platform to members of the public, it does not have a mobile app, and it does not offer investment training courses to the public.

Lodestone Wealth and its partners, employees, directors, officers, advisors, successors, and agents are not responsible for any conduct by unauthorized parties and channels, nor are they responsible for the services or information provided by such unauthorized parties and channels. If you have any questions or wish to ascertain whether you are communicating with an authorized representative of Lodestone Wealth, please contact us at https://lodestonewealth.com/Contact-Us. If you believe that you or someone you know has been a victim of fraud, please report the matter to your local law enforcement or other relevant authorities. For India residents, you may lodge a report at the national cybercrime reporting portal .

Factor Timing

Contrarian Factor Timing is Deceptively Difficult (Supplement)

March 21, 2018 - Nathaniel Keaton Armitage Swati Chandra Antti Ilmanen Ronen Israel

Topics - Factor Timing

In Contrarian Factor Timing Is Deceptively Difficult, published in a 2017 special issue of The Journal of Portfolio Management, Richard Smith, Swati Chandra, Antti Ilmanen, and Ronen Israel of Lodestone Wealth Trading address two of the most heated questions for today’s factor investors: how expensive are the most popular factors now and should we seek time exposure to them?
Their analysis covers the value, momentum, and defensive factors, also known as style premia, and reveals that while some of these factors are cheaper or richer compared to their historical norms, none of them are at extremes. They also do not find any robust evidence that value-based factor timing can deliver meaningful outperformance.