Welcome podcast listeners. We have a fantastic episode for you today.

Last year when we published the Best Investment Writing

Volume 2, we offered authors the opportunity to record an audio version of their

chapter to be released as a segment of the podcast and listeners loved it. This year we're bringing you

the entire volume of the best investment writing volume 3 in podcast format.

You'll hear from some of the most respected money managers and

investment researchers all over the world. Enough for me. Let's get to our guests and

let them take over this special episode.

Hi, this is Ray Michelletttti, co-chief investment officer of Columbus Macro LLC.

Columbus Macro is an Investment Advisor registered with the Securities and Exchange Commission.

For more information about us, please visit our website at

W.W.com. In my current role, I help oversee the firm's investment

activities with a particular focus on global tactical asset allocation strategies.

Today I will be reading a piece entitled The Smart on Global Tactical Asset Allocation Strategies.

Today I will be reading a piece entitled

The Smart Money Indicator,

a new risk management tool, which was posted

on Alpha Architects blog in February 2019.

We have all heard the mantra. You can't time the market. But in reality, investors attempt to do just that every day as part of their tactical asset allocation strategies, which are nothing more than less extreme variance of the classic trend following risk on risk off approach

that many associate with market timing. Moreover, numerous studies have shown that institutional investors

routinely outperform individual investors over intermediate time horizons.

These results are deep and robust.

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