Wed 07 Dec 2022 - 15:00 GMT / 10:00 EST

"Market timing, by the way, is a tag some buy-and-hold investors use to put down anything that involves using your brain." – Jeremy Grantham

Tactical indicators can act as filters to prioritise ideas and help manage risk

There are two main concepts in VP's tactical framework:

• The Tactical Outlook determined by trend, sentiment and analogies to historical price action.
• Buy/Sell Signals that are on or off at specific points in time

  VP have quantified sentiment, flow and positioning measures that are more real-time

  VP think of tactical models as complements to their primary work on cyclical (i.e. leading indicators) and structural (i.e. capital cycle) analysis. If the tactical, cyclical and structural outlooks are aligned, that would warrant maximum position sizes.