TY - JOUR T1 - Noisy Signals: <em>A Challenge to Tactical Strategies</em> JF - The Journal of Investing SP - 53 LP - 58 DO - 10.3905/JOI.2009.18.1.053 VL - 18 IS - 1 AU - Joseph H Davis AU - Christopher Philips Y1 - 2009/02/28 UR - https://pm-research.com/content/18/1/53.abstract N2 - 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 ER -