This morning, the #2 strategist at Ned Davis Research (NDR), Tim Hayes, discussed NDR’s latest views on the stock market. A Northlake client astutely noted that Tim was recommending large cap value while Northlake’s models just switched from large cap value to large cap growth. Given that Northlake’s models are produced by and based on NDR analysis, the client wanted to know why there was a conflict. The answer lies in the disciplined implementation of the models for Northlake clients….

…NDR’s own models did in fact recommend a shift from value to growth for June. In an email I received today, NDR notes that the shift from value to growth in the main Style model did take place but in their