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    MARKET EDGES

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After global equity markets put on the kind of “re-flation” move that they have, the masses tend to crowd the call, coming into the game late, chasing beta.

This is when I think you should be shifting to low beta because 1. low beta outperforms on down days and 2. it's what a risk adjusted return demands.

We bought WMT yesterday using our "low beta shift" call. Other low beta positions that we like on the long side are BMY and TIP.

Keith R. McCullough
CEO & Chief Investment Officer