Country Factors vs. Industry Factors. Stellar Asset Management Austin Kairnes Emre Kati Jae Hyun “Jacky” Lee David Russ Marika Schwartzman. Increasing Country Correlation. Declining trade barriers GATT/ WTO Trading Blocks (NAFTA) Falling transportation costs
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Stellar Asset Management
Jae Hyun “Jacky” Lee
The Efficient Frontiers
The US is heavily weighted in all industries increasing industry correlation.
Oil = mthly price diff GTS = global term struct LPB = local P/B ratio LTS = local term struct
USTBill = mthly change in 90 day GPB = P/B for MSCI