This paper presents an innovative new approach to investment portfolio design, which applies a discrete, state-based methodology to defining market states and making asset allocation decisions with respect to both current and future state membership. State membership is based on attributes taken...

Quantifiable, measurable risk is of critical importance when making data-driven decisions in finance and investment management, but what if the generally accepted practice of the investment industry for calculating risk possessed incorrect mathematical assumptions and embedded biases? This piece...

Market participants often invoke the concept of discrete state when discussing financial markets. Bull market, bear market, depression, and recession are all terms that map to discrete market states. Mental models of how markets behave in each state and transition between states are then applied...

This paper presents an innovative new approach to investment portfolio design, which applies a discrete, state-based methodology to defining market states and making asset allocation decisions with respect to both current and future state membership. State membership is based on attributes taken...