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Asness' methods are not so obvious, from what I know.

He is using the average re-sale home prices. OFHEO is also using the same method but applies it to a much smaller data sample (comforming loans).

Housing has been part of the income (think of a ATM machine) until recently, so the out of balance is not too strange.

I would guess the coupon payout is not re-invested.

Thanks. Excellent explanation.

There is a piece in WSJ that DOJ is becoming softer.

what about the max draw down?

there are two kind of stops. (1) stop loss (2) time stop. Personally I found time stop more useful.

two peak market: exit after the second peak. positive autocorrelation: in a down trending market, exit whenever the market is lower, as its will be even lower the next period

Vow. Yearly return of more than 200% with Sharpe ratio of 5. Is this for single-strategy or a portfolio of strategies?

The real estate market researchers in my company have become very bearish recently. Until early this year, they were still bullish. According to a presentation they gave, there were just too much factors working against the housing market, like the vanishing momentum, historically low housing...

I am wondering too.

no, I mean the book "the little book that beats the market". Actually the back-testing of his magic formula on a different data set (bloomberg stock data base) is much less impressive. In any case, he has even set up a website for his magic formula, http://magicformulainvesting.com/book.do

But he probably used his magic formula as part of the screening process.

Please explain more.

I am always wondering if the compensation of "Chai Qian" depends on location, i.e . different city may have different policy. I have a friend who bought a run-down condo in an area near Hong Kang last year in anticipation that it will be taken by the government for development (a kind of value...

I was in China last year and I think people do get compensated if their houses are taken for development. The compensation works this way. Say your house is 1000 sq feet, then the government gives you a brand new condo, say, 2000 sq feet, then you have to pay the 1000 sq feet difference. The...

Thanks. Anyway, this guy has a proven record and should be taken seriously.

Interesting. I guess he was (as always) a bit too earlier.

I remember someone said that opinion is like asshole, everyone get one.