# Gavekal IS Research Notes I have been going through gavekal IS's research archive. It is focused on quantitative methods for portfolio construction and asset allocation. They have built some products to help allocate across countries, and between cash and risk assets. - The rentier vs the entrepreneur? - Fragile and anti-fragile assets. - Regime switching using volatility, trade, growth and inflation? Over the very long term total return in a common currency neutralizes across economies. ( i disagree) However you can divide the return into currency component and risk component. Best of breed strategy in each. Best currency and best risk market rarely overlap.