Doug Ramsey

Doug Ramsey has been Chief Investment Officer of Leuthold Group, a Minneapolis-based investment research firm, since 2000. The Leuthold Group was founded by Steve Leuthold and is known for its rigorous quantitative approach to tactical asset allocation — using systematic indicators of market breadth, valuation, sentiment, and macro conditions to determine optimal allocations between equities and bonds. Ramsey oversees the Major Trend Index — the firm's composite indicator of equity market conditions that has been used to guide asset allocation decisions for decades. The firm publishes monthly research booklets (the "green book" and "black book") that have developed a following among institutional investors and professional portfolio managers. Ramsey is known for his deep historical perspective on financial markets, his willingness to take a contrary position when systematic evidence supports it, and his ability to synthesise large amounts of market data into clear investment conclusions. He and the Leuthold team were among the earlier voices warning of US equity market overvaluation before the 2000 and 2007 peaks and correctly positioned for periods of elevated risk. His work represents a systematic and historically-grounded approach to tactical macro investing.