The trend is our friend: Risk parity, momentum and trend following in global asset allocation

We examine applying a trend following methodology to global asset allocation between equities, bonds, commodities and real estate. This strategy offers substantial improvement in risk-adjusted performance compared to buy-and-hold portfolios and a superior method of asset allocation than risk parity. We believe the discipline of trend following overcomes many of the behavioural biases investors succumb to, such as regret and herding, and offers a solution to the inappropriate sequence of returns which can be problematic for decumulation portfolios. The other side of behavioural biases is that they may be exploited by investors: an example is momentum investing where herding leads to continuation of returns and has been identified across many assets. Momentum and trend following differ as the former is a relative concept and the latter absolute. Combining both can achieve the higher return levels associated with momentum portfolios with much reduced volatility and drawdowns due to trend following. Measures based on utility of a representative investor reinforce the superiority of combining trend following with momentum strategies. These techniques help address the sequencing of returns issue which can be a serious issue for financial planning

United States Army contingency contracting operations: emerging roles, procedures, and challenges facing Contracting professionals

Joint Applied ProjectThis Joint Applied Project analyzed the extent to which Army leadership has acknowledged and is acting upon key improvement recommendations made by the Gansler Report (2007). This project explores roles, procedures, principles and emerging issues facing contingency contracting professionals in respect to their responsibilities in expeditionary operations. Basic principles of contingency contracting and current literature relative to Army expeditionary operations were analyzed. Semi-structured interviews were conducted with both military and civilian acquisition professionals. Additionally, researcher developed surveys were distributed amongst deployed contingency contracting officers/specialists in order to approach this topic with a 'boots on the ground' perspective. From the research conducted, recommendations are provided that the Army can implement to improve modern wartime contingency contracting and better prepare and train the contracting workforce to support future contingency operations.http://archive.org/details/unitedstatesarmy1094510370Approved for public release; distribution is unlimited

Industrial and automotive applications of cyclone particulate separators

SIGLEAvailable from British Library Document Supply Centre-DSC:DX204620 / BLDSC - British Library Document Supply CentreGBUnited Kingdo

Exergy Analysis for the Evaluation of the Performance of Closed Thermal Energy Storage Systems

The use of exergy analysis, rather than energy analysis, for the evaluation of the performance of thermal energy storage systems is discussed. The energy and exergy relationships for a simple closed tank storage with heat transfers by heat exchanger are obtained. A complete storing cycle, as well as the individual charging, storing, and discharging periods, are considered. A numerical example for a simple case is given. The work reported is preliminary to the task of developing simplified conventions for the evaluation and comparison of the performance of thermal storages using exergy analysis methods. The establishment of such simplified conventions appears to be a necessary prerequisite to general acceptance of these methods by the engineering community.</jats:p