CONTENTS
Section                                                                        Page
The Investment Clock 1. A pictorial summary of our findings 2
How the Model Works 2. Explaining ML’s Investment Clock framework 4
Back-Testing Methodology 3. Using more than thirty years of U.S. data 7
Market Returns over the Cycle 4. Strong results for assets, equity sectors and fixed income; some
intriguing patterns for foreign exchange and equity country strategy
10
Using the Investment Clock in
Practice
5. Top-down cycle analysis should be the starting point for tactical asset
allocation; we continue to favour global “Overheat” plays
17
Statistical Appendix I. Which results are robust and which aren't 21