Macro Attribution - Example 7 - Reading 35 (page 201)

In the example’s solution, it is stated that “The strategist’s allocation decisions were strongly negative in Years 1 and 2”. I can see it is noticeable for Year 1, but for Year 2 - the allocation contributes positively to excess return.
Anyone please helps me explain this one.


They have released new errata this month (dated 11 February 2020) for this table. Please check.

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Got it. Many thanks.

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