Surfing with the Tides: The Macroeconomic Case for Active Asset Allocation

From the flawless right-hand point breaks of Santa Barbara and Malibu to the thumping
beach breaks of Oxnard and Newport Beach, Southern California hosts an abundance
of surf spots. On the best days, these surf breaks are world class. Unfortunately for the
surfers among us, the requisite conditions don’t always line up, leaving us to make do
with less-than-ideal surf. Such is life.