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Crowded Trades: Implications for Sector Rotation and Factor Timing

By David Turkington, Mark Kritzman, William Kinlaw, State Street Associates

Jul 1, 2019

By William Kinlaw, Mark Kritzman, and David Turkington

Published in the Journal of Portfolio Management, July 2019

The authors propose two measures for managing exposure to bubbles. Together these measures have the potential to locate bubbles in sectors and in factors as they begin to emerge and to identify exit points before they fully deflate.

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1.Peter L. Bernstein Award for Best Article in an Institutional Investor Journal in 2013; Doriot Award for Best Private Equity Research Paper in 2022; Bernstein-Fabozzi/Jacobs-Levy Award for Outstanding Article in the Journal of Portfolio Management in 2006, 2009, 2011, 2013 (2), 2014, 2015, 2016, 2021; Roger F. Murray First Prize for Research Presented at the Q Group Conference in 2012 and 2021; Graham & Dodd Scroll Award for article in the Financial Analysts Journal in 2002 and 2010.