1. Tactical Asset Allocation Forecasting Asset Returns
Campbell R. Harvey

2. Forecasting Asset Returns
Is predictability possible in rational markets?
How does predictability influence asset allocation?

3. Forecasting Asset Returns
What are the fundamental sources of predictability?

4. Forecasting Asset Returns
Fundamental Valuation:
Expected Cash Flows
Value =
Expected return - Expected growth

5. Stock Returns and U.S. Yield Curve
Average Monthly Returns in %
Data through
December 2001