CALIFORNIA CONSUMER

This is a difficult market to get a definitive read on. We've experienced a significant pullback, but most indicators haven't reached truly washed-out status. Meanwhile, policy uncertainty remains high. We believe the best thing to do in this situation is to stick to our gameplan, follow our models, and don't shop for indicators that agree with our bias - because we'll certainly find one. The strength of a rules-based process doesn't come from being right every time, but from the fact that, over time, its right more than its wrong - but it only works if we follow it consistently.

Primary location: Federal Way United States