…with similarly favorable drawdown characteristics:

Here below are the portfolio statistics for the various strategies in both EAFE…

…and in EM:

Regular readers of my blog know that I am a staunch proponent of minimum volatility investing, and there are low-cost ETFs that can very readily provide this exposure to investors who desire it.  Personally, I think this is a fine default choice if one portfolio has to be chosen over others.  However, for investors who wish to balance that approach with something like momentum, the barbell approach does seem to have significant merit not just in the U.S., but also in foreign markets.  Ideally, the barbell approach would be adopted by investors in non-taxable accounts which would shield the barbell from the deleterious tax effects of rebalancing.

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