We propose a framework for optimal currency allocations taken relative to a strategic benchmark, which may build in existing hedging positions. We determine optimal currency positions to obtain higher expected returns than the benchmark holding the risk constant, or to reduce risk but hold the...

We establish, under both theoretical conditions and empirical application, the separate roles of (1) market asset class exposure through index funds; (2) style factor exposure like value, momentum, and quality which have traditionally delivered higher and differentiated returns than market index...

"Stand aside, we're coming through! That's the cry of a new generation of technology vendors. They have a new approach to enabling success for their customers. And they're thriving as a result. These vendors all have subscription pricing at the heart of their business. Each has learned that if...