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Invest with the Fed: Maximizing Portfolio Performance by Following Federal Reserve Policy by Luis Garcia-Feijoo, Gerald R. Jensen, Robert R. Johnson

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CHAPTER 3

STYLE INVESTING EXTENSIONS

I can calculate the movement of stars, but not the madness of men.

Sir Isaac Newton

Are investors rational? This is a question that has been hotly debated by financial market participants for many years, but considering all the financial bubbles that have occurred throughout history—from Tulipmania and the South Sea Bubble in the seventeenth and eighteenth centuries, respectively, to the dot-com and real estate bubbles in more recent times—the verdict seems abundantly clear. Sir Isaac Newton uttered the above quote after losing his fortune investing in shares of the South Sea Company in the early eighteenth century. The South Sea Company was formed after the War of the Spanish Succession and was granted monopoly ...

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