Weekend Reads - Jul 12, 2025

The Reports of Factor Investing’s Death Are Greatly Exaggerated; From Tariffs to Trends. How Time Horizon Shapes Diversification; Trend Following and Drawdowns: Is This Time Different?; and more...

• The Reports of Factor Investing’s Death Are Greatly Exaggerated (Larry's Substack)

• From Tariffs to Trends. How Time Horizon Shapes Diversification (Quantica Capital)

• Trend Following and Drawdowns: Is This Time Different? (Man)

• Trend Following Through Turmoil: Why the Best Protection Comes After the First Punch (Return Stacked)

• How Can “Smart Beta” Go Horribly Right? (Research Affiliates)

• What’s Better Than U.S. Bonds for Downside Protection? (Of Dollars and Data)

• The Real Estate Drag on Corporate Japan (Verdad)

• Navigating Economic Downturns with Survey-Based Recession Indicators (Allocate Smartly)

• Drawdown Defender | Eric Crittenden on the Perfect Complement for 60-40 (📺 Excess Returns)

• Benjamin Hoff – Commodity Futures Surfaces and the Cash-and-Carry Glue (🎧 Flirting with Models)

• A New Dawn for International (ex-US) Equities (Orbis)

• The Derivative Payoff Bias (Quant Trading Rules)

• Is the international equity outperformance story a mirage? (Verus)

• I Used a Thermostat’s Logic to Control My Portfolio — And Achieved 24% CAGR (Paper to Profit)

• Images Tell Stories by Ronen et al. (CFA Institute)

• A FOMO-based Capital Asset Pricing Model by Kaddouhah et al. (SSRN)

• Momentum at Long Holding Periods by Calluzzo (SSRN)

• A Framework for Real-Time Modeling and Forecasting of Large Unbalanced Option Implied Volatility Surfaces by Dufays et al. (SSRN)