RT Journal Article SR Electronic T1 Noisy Signals: A Challenge to Tactical Strategies JF The Journal of Investing FD Institutional Investor Journals SP 53 OP 58 DO 10.3905/JOI.2009.18.1.053 VO 18 IS 1 A1 Joseph H Davis A1 Christopher Philips YR 2009 UL https://pm-research.com/content/18/1/53.abstract AB 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