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	<title>CXO Advisory &#187; Fed Model</title>
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		<title>Fed Model Respecified? [PREMIUM]</title>
		<link>http://www.cxoadvisory.com/13671/economic-indicators/fed-model-respecified/</link>
		<comments>http://www.cxoadvisory.com/13671/economic-indicators/fed-model-respecified/#comments</comments>
		<pubDate>Fri, 06 May 2011 10:10:52 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Economic Indicators]]></category>
		<category><![CDATA[Fed Model]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com/?p=13671</guid>
		<description><![CDATA[The Fed Model relates the aggregate earnings yield (E/P) of the stock market to Treasury bond or bill yields under the assumption that investors view equities and government bonds as competing ways to achieve yield. Might supply (company management), rather than demand (investors), more precisely drive the relationship between E/P and interest rates? In the <a href="http://www.cxoadvisory.com/13671/economic-indicators/fed-model-respecified/"><strong>More...</strong></a>]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Testing the Fed Model [PREMIUM]</title>
		<link>http://www.cxoadvisory.com/4339/fed-model/testing-the-fed-model/</link>
		<comments>http://www.cxoadvisory.com/4339/fed-model/testing-the-fed-model/#comments</comments>
		<pubDate>Wed, 15 Sep 2010 10:54:18 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Fed Model]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com.php5-14.websitetestlink.com/?p=4339</guid>
		<description><![CDATA[...evidence from several simple tests does not support a belief that the Fed Model explains investor behavior over the past 20 years.]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Predictive Power of the Gap Between Stock Earnings Yield and T-note Yield</title>
		<link>http://www.cxoadvisory.com/2098/fed-model/predictive-power-of-the-gap-between-stock-earnings-yield-and-t-note-yield/</link>
		<comments>http://www.cxoadvisory.com/2098/fed-model/predictive-power-of-the-gap-between-stock-earnings-yield-and-t-note-yield/#comments</comments>
		<pubDate>Thu, 02 Apr 2009 19:29:46 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Fed Model]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com.php5-14.websitetestlink.com/?p=2098</guid>
		<description><![CDATA[...investors may be able to use the Fed Model to enhance risk-adjusted returns via reduced portfolio volatility.]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Kicking the Body of the Fed Model</title>
		<link>http://www.cxoadvisory.com/3846/fed-model/kicking-the-body-of-the-fed-model/</link>
		<comments>http://www.cxoadvisory.com/3846/fed-model/kicking-the-body-of-the-fed-model/#comments</comments>
		<pubDate>Fri, 05 Dec 2008 22:01:44 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Fed Model]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com.php5-14.websitetestlink.com/?p=3846</guid>
		<description><![CDATA[...investors seem to have left the Fed model for dead.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
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		<title>Long-term Market Timing Model Flyoff</title>
		<link>http://www.cxoadvisory.com/1895/fundamental-valuation/long-term-market-timing-model-flyoff/</link>
		<comments>http://www.cxoadvisory.com/1895/fundamental-valuation/long-term-market-timing-model-flyoff/#comments</comments>
		<pubDate>Fri, 07 Nov 2008 16:13:43 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Economic Indicators]]></category>
		<category><![CDATA[Fed Model]]></category>
		<category><![CDATA[Fundamental Valuation]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com.php5-14.websitetestlink.com/?p=1895</guid>
		<description><![CDATA[...long-term stock market timing models may enhance investment returns, especially on a risk-adjusted basis. Which model is best depends on the risk-adjustment metric used.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Macroeconomic Shocks and the Stock Market</title>
		<link>http://www.cxoadvisory.com/1728/economic-indicators/macroeconomic-shocks-and-the-stock-market/</link>
		<comments>http://www.cxoadvisory.com/1728/economic-indicators/macroeconomic-shocks-and-the-stock-market/#comments</comments>
		<pubDate>Fri, 09 May 2008 14:31:09 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Economic Indicators]]></category>
		<category><![CDATA[Fed Model]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com.php5-14.websitetestlink.com/?p=1728</guid>
		<description><![CDATA[...inflation shocks significantly affected the U.S. stock market over the past half century, with disinflation (inflation) shocks increasing (decreasing) stock prices and promoting boom (bust) conditions.]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Inflation as Fed Model Intermediator</title>
		<link>http://www.cxoadvisory.com/1711/economic-indicators/inflation-as-fed-model-intermediator/</link>
		<comments>http://www.cxoadvisory.com/1711/economic-indicators/inflation-as-fed-model-intermediator/#comments</comments>
		<pubDate>Wed, 30 Apr 2008 13:37:35 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Economic Indicators]]></category>
		<category><![CDATA[Fed Model]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com.php5-14.websitetestlink.com/?p=1711</guid>
		<description><![CDATA[...the high correlation between equity yield and bond yield derives rationally from the tendency for inflation to be elevated during recessions, such that both equity and bond premiums are relatively high during recessions.]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Still Irrationally Exuberant?</title>
		<link>http://www.cxoadvisory.com/1602/fed-model/still-irrationally-exuberant/</link>
		<comments>http://www.cxoadvisory.com/1602/fed-model/still-irrationally-exuberant/#comments</comments>
		<pubDate>Fri, 01 Feb 2008 22:47:57 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Fed Model]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com.php5-14.websitetestlink.com/?p=1602</guid>
		<description><![CDATA[...changing public beliefs in how the economy works (and thereby valuation models) substantially affect long-term interest rates and asset prices. Current beliefs, focused on nominal rather than real interest rates, foster irrational overpricing of assets.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>A Fed Model Defense</title>
		<link>http://www.cxoadvisory.com/1088/fed-model/a-fed-model-defense/</link>
		<comments>http://www.cxoadvisory.com/1088/fed-model/a-fed-model-defense/#comments</comments>
		<pubDate>Thu, 25 Jan 2007 15:18:28 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Fed Model]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com.php5-14.websitetestlink.com/?p=1088</guid>
		<description><![CDATA[...the Fed model and the long-term P/E mean reversion model are complementary perspectives on return prediction, with the former reasonably useful for forecasting up to three years into the future and the latter applicable over longer horizons.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>An Equity Risk Premium Opus</title>
		<link>http://www.cxoadvisory.com/938/equity-premium/an-equity-risk-premium-opus/</link>
		<comments>http://www.cxoadvisory.com/938/equity-premium/an-equity-risk-premium-opus/#comments</comments>
		<pubDate>Mon, 02 Oct 2006 20:27:21 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Equity Premium]]></category>
		<category><![CDATA[Fed Model]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com.php5-14.websitetestlink.com/?p=938</guid>
		<description><![CDATA[...the author provides a comprehensive overview of equity risk premium concepts and values, stressing the mid-20th century break in key financial relationships.]]></description>
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		<slash:comments>0</slash:comments>
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