2015 NAAIM Wagner Award winners Charlie Bilello and Michael Gayed of Pension Partners are featured in an article in USA Today. The article discusses three investment themes that involve trees. Gayed and Bilello award-winning paper is entitled “Lumber: Worth Its Weight in Gold – Offense and Defense in Active Portfolio Management. ”
In their paper, Bilello and Gayed use Lumber and Gold as a signal to help answer the most critical question for active asset managers: when to take more risk (“play offense”) and when to take less risk (“play defense”) in an investment portfolio – before it’s too late. They show that strategies using the signaling power of Lumber and Gold result in stronger absolute and risk-adjusted returns than a passive buy-and-hold index.
2015 NAAIM Wagner Award press release
About NAAIM Wagner Award Competition
