%0 Journal Article %A Joseph H Davis %A Christopher Philips %T Noisy Signals: A Challenge to Tactical Strategies %D 2009 %R 10.3905/JOI.2009.18.1.053 %J The Journal of Investing %P 53-58 %V 18 %N 1 %X This article examines various strategies aimed at repositioning an equity portfolio to a more defensive stance in anticipation of a recession or bear market. We examine the factors for success and document several critical reasons as to why implementing these strategies can undermine relative performance. In the end we find a balanced portfolio to be a viable alternative to many defensively minded tactical strategies.TOPICS:Portfolio management/multi-asset allocation, risk management, exchanges/markets/clearinghouses %U https://joi.pm-research.com/content/iijinvest/18/1/53.full.pdf