A webcast presentation originally held on May 25, 2016 by Michael Gayed, CFA and Charlie Bilello, CMT as part of the MTA’s Educational Web Series.

In their 2016 Charles H. Dow Award winning paper “Leverage for the Long Run”, Michael A. Gayed, CFA and Charlie Bilello, CMT challenge popular notions about leverage and moving averages. They establish that certain factors (volatility and path dependency) are critical to effectively deploying leverage and illustrate how moving averages can be used to systematically evaluate these factors. The strategies revealed in the paper counter the Efficient Market Hypothesis and CAPM in exhibiting higher risk-adjusted returns than a comparable buy-and-hold strategy.

Join Michael and Charlie as they discuss the surprising findings of their research and practical ways for active managers to potentially increase returns and manage risk.

You can download their full paper here: http://docs.mta.org/dow-award/2016-gayed-bilello.pdf

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Michael Gayed, CFA

As Chief Investment Strategist at Pension Partners, Michael helps to structure portfolios to best take advantage of various strategies designed to maximize the amount of time and capital spent in potentially outperforming investments. Prior to this role, Mr. Gayed served as a...
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Charlie Bilello, CMT

Charlie Bilello is the Director of Research at Pension Partners, LLC. Mr. Bilello is responsible for strategy development, investment research and communicating the firm’s investment themes and portfolio positioning to clients. Prior to joining Pension Partners, he was the...
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