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Wrestling
Bethlehem Catholic's Nate Andrew and Liberty's Khiya Punter set to square off on Wednesday night. The match was stopped and Punter won by forfeit. (Saed Hindash | For lehighvalleylive.com)
By Josh Folck | For lehighvalleylive.com on January 10, 2018 11:50 PM, updated January 11, 2018 6:21 PM
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102 comments
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was victorious in two bouts in Wednesday night's 41-9 road loss against Bethlehem Catholic .

One of the wins was at 220 pounds where Trollbeads Baby Girl 81005 RQv9N
won by forfeit.

Her matchup against Fei Liu Fine Jewellery Women Pink 925 Sterling Silver Dangle and Drop Earrings ROS925P206PL00 SuYKHM
started, but was stopped 13 seconds into the first period by Bethlehem Catholic officials.

Punter was awarded the victory via forfeit.

Due to a Pennsylvania Catholic Conference rule, Catholic schools do not allow boy wrestlers to compete against girls.

“I was kind of surprised because my brother (Liberty coach Jody Karam) knows it’s against our policy to wrestle against females. He knows that. I don’t know why he’d send a girl out,” Bethlehem Catholic coach Jeff Karam said. “The weight class was 220. I know they weighed in two people there. I was taking it for granted he’s going to send out a guy because he knows we’re not going to wrestle against a girl. I don’t know. Sometimes you have to find a way for a win, I guess. At least he won one other bout, one contested match.”

Flirting with Models

Research Library of Newfound Research

By Corey Hoffstein

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One of the greatest critiques of tactical strategies is their ability to be "whipsawed" -- bad timing decisions that leads to performance bleed due to overweight positions in underperforming assets. These events are often easy to pick out and easy to criticize as failures.

Consider Stadion's Managed Portfolio : they've had a number of whipsaw events -- particularly in 2010-2011 that led to dramatic underperformance of the SP 500.

In my opinion, investors unfairly criticize such events, viewing the relative underperformance as a one-off cost. I take a different view: whipsaw is the "insurance premium" paid by tactical strategies to allow for the capital protection (see Stadion in 2008, for example). While the "payment" tends to come in large, lump sums, we should consider the cost over full market cycles. In that way, we can create an apples-to-apples comparison to other methodologies for protecting capital -- such as the options (or "insurance") market.

So how much would protection cost us in the options market? As a simple evaluation method, I put together a 60/40 SPY/AGG portfolio and buy different levels of VXX -- the short-term VIX futures ETN. Technically, buying VXX is buying volatility protection -- but I think it serves as a good enough "tail hedge" for this simple evaluation. The strategies are rebalanced monthly. We can see the equity curves below.

What we see is dramatic performance and protection differences between the different allocation levels. The protection during the bear market is graphed below:But how much does this protection cost us? To evaluate the implicit insurance premium we are paying, we compute performance drag from 2010 - Present versus the benchmark 60/40. We leave out 2008 and 2009 because we consider them to be anomalous markets where the insurance was realized. What we are trying to measure is the annualized cost innormal markets if the insurance is not exercised. Therefore, we leave those years out.

Put in this light, the "whipsaw" costs of Stadion do not seem that bad. Protection similar to a 15% VXX position with close to only half the performance drag.

Now, the strict difference here is that when insurance is actually purchased, it is guaranteed to protect. With Stadion, there is an extra risk premium that we should consider, since there is no guarantee that the tactical risk management will work. On the other hand, when buying options, you typically buy out-of-the-money puts (and potentially sell calls to help finance). Depending on how the market trends, the insurance may never be triggered and we could still be left with a huge loss. For example, consider buying 2.5% OTM puts every month, and having the market go down 2.49% every month. Not only do we pay the cost of insurance that we never get to exercise, but we rack up a 26% annual loss. Everything has its risks.

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