The March Wave Model Portfolio Pick

There's a reason why this job is very difficult.

Dear Fellow Expat:

This is a tough environment for investors looking to engage in mean reversion and momentum - down at the levels we are looking to buy stocks. I could tell you to buy NVDA and sell it if it falls under its 20-day moving average. That’s where so many of the gains exist.

It isn’t straightforward because there are many other elements at play. Naturally, this conservative strategy centers on the academic works of people like Ben Graham, Eugene Fama, Kenneth French, Joseph Piotroski, Ken Carow, Grant Henning, Borja Amor-Tapia, and Maria Teresa Tascón.

No doubt about it, some companies can do well abroad.

Tenaris (TS) has finally rebounded and taken a positive turn for the year. But given the incredible flush of capital into the U.S. markets - and with the U.S. effectively 70% of the MSCI Index today - the idea of “Value” is getting nuked globally.

Things look cheap everywhere except America - and at times, you must ignore that - so Bill Miller explained that to me at SALT…