1/ Effectiveness of three versus six feet of physical distancing for controlling spread of COVID-19 among primary and secondary students and staff
"There is no sig. difference between requiring ≥3 & ≥6 feet if other mitigation measures are implemented." academic.oup.com/cid/advance-ar…
2/ "National and international guidelines differ about physical distancing for the prevention of SARS-CoV-2 transmission; studies directly comparing impact of ≥3 vs. ≥6 feet of distancing in school settings are lacking.
"The majority of districts required universal masking."
3/ "Current guidance from the WHO is to maintain one meter (3.3 feet) between students; the CDC recommends 6 feet.
"Data from different countries implementing different distancing guidelines seem to suggest no major difference, though they did not do a direct comparison."
4/ "To ensure our findings were robust, we re-estimated models after excluding districts with surveillance testing programs and re-estimated unadjusted and adjusted incident rate ratios. We also estimated models among districts that permitted less than 6 feet of distancing."
5/ Unadjusted incidence rate ratio (IRR) = 0.891 (95% CI 0.594-1.335)
"Incident cases among both students and staff were highly correlated with community rates."
6/ "In multivariable regression models controlling for community incidence, the risk of COVID-19 among students in districts with ≥3 vs ≥6 feet of distancing was similar.
"The model for staff controlling for community incidence also showed similar risk."
7/ "In educational settings in England during the summer, children were advised to maintain distance 'as able,' and universal masking was not required. Reported infections and outbreaks were low.
"In Singapore, where students adopted 3-6 feet of distancing, case rates were low."
8/ "Community transmission contributes to the number of infected individuals who enter the school building.
"The strong correlation does not imply increased transmission in schools when community disease prevalence is high, nor that community metrics should dictate policies."
9/ Limitations of the study:
* Lack of complete data
* No contact tracing data
* No way to identify asymptomatic cases
* No stratification by age group
* No way to measure degree of compliance with distancing policies
* Difficulty evaluating the impact of other intervention types
10/ Related reading:
Assessing mandatory stay‐at‐home and business closure effects on the spread of COVID‐19
1/ Crowding and Factor Returns (Kang, Rouwenhorst, Tang)
"We construct a direct measure of factor strategy crowding that is based on CFTC aggregate positioning. Crowding measure has a strong negative predictive impact on expected factor returns."
2/ Crowding at the commodity level = excess speculative pressure (deviation of non-commercial traders’ positions from the 52-week average, scaled by open interest)
"We will show that it is straightforward to aggregate individual commodity crowding to the factor strategy level."
3/ "Speculative positions show substantial short-term variation (σ ≈ 15%) that is independent from accommodating the hedging demands of commercial traders, which are unlikely to vary substantially at the weekly horizon."
1/ Assessing mandatory stay‐at‐home and business closure effects on the spread of COVID‐19 (Bendavid, Oh, Bhattacharya, Ioannidis)
"After subtracting less-restrictive NPI effects, we find no benefit of more-restrictive NPIs on case growth in any country." onlinelibrary.wiley.com/doi/full/10.11…
2/ "In the absence of empirical assessment, the effects of NPIs on reduced transmission are assumed rather than assessed.
"The slowing of COVID-19 epidemic growth was similar in many contexts in a way that is more consistent with natural dynamics than policy prescriptions."
3/ "We estimate the unique effects of more-restrictive NPIs (mrNPIs) on case growth rate in the spring of 2020 by comparing effects in other countries to those in Sweden/South Korea.
"The data consists of daily case numbers in subnational administration regions of each country."
1/ Can Momentum Investing Be Saved? (Arnott, Kalesnik, Kose, Wu)
"Live results for mutual funds that take on a momentum factor loading are surprisingly weak. But momentum can probably be saved, even net of fees and trading costs."
2/ "A momentum strategy is very vulnerable to crashes that tend to occur when the momentum trade is relatively expensive and in periods of heightened volatility. Its performance has also shown dismayingly high global correlation—especially during the crashes—since about 1999."
3/ "Momentum dominates everywhere except Japan. Since being documented in US stocks, the effect has also been documented in many other asset classes. So on paper, momentum looks fantastic!
"Sadly, live results net of trading costs hint at trouble for momentum investors."
1/ Best Strategies for Inflationary Times (Neville, Draaisma, Funnell, Harvey, Hemert)
"Unexpected inflation is bad for bonds and equities, with local inflation mattering most, while commodities and futures trend following performance is strong."
2/ Inflationary regimes are when:
* YOY CPI ≥ 5% and is above 50% of its highest level over the past 24 months, OR
* YOY CPI ≥ 2%, is below 50% of its highest level over the past 24 months, then re-accelerates to ≥ 5%
* Episode length ≥ 6 months
B/M (market values updated monthly; financials and small stocks excluded)
Industry-adjusted B/M
Negative of five-year spot return (commodities, bonds)
Five-year change in ten-year yield (bonds)
Five-year change in relative PPP (currencies)
3/ "Value spreads in stocks, industries, commodities and equity indexes correlate strongly and positively with each other.
"The first PC explains 51% of total variation. The correlation between a simple across-asset-class average of the value spreads and the first PC is 0.95."