NDR: Report Download: The most difficult rule

In this edition of the NDR Hotline, Chief Macro Strategist Joe Kalish reflects on the most challenging of NDR’s Ten Rules of Research: Rule #1 — Be Objective. While models and data-driven strategies are designed to remove emotion from investment decisions, Kalish argues that even the most sophisticated models are not immune to bias—especially when the data itself may be compromised. With increasing concerns about the reliability of public data sources, objectivity is becoming harder to achieve, not easier.

The report also revisits Rule #7 — Beware of the Crowd at Extremes, highlighting recent sentiment extremes in gold and the dollar. But the overarching theme is clear: even the best rules can falter when the foundation—data—becomes unstable. Drawing inspiration from Hans Rosling’s Factfulness, Kalish explores how cognitive biases and declining data quality are reshaping the investment landscape.

Thank you for your interest in this excerpt from NDR’s latest hotline: The most difficult rule. In a world where data integrity is no longer a given, how can investors maintain objectivity and confidence in their models? Download a complimentary copy of this timely and insightful report for wealth professionals by completing the form to the right.

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About Ned Davis Research
Ned Davis Research (NDR) is a global provider of independent investment research, solutions and tools. Founded in 1980, NDR helps clients around the world make objective investment decisions. Our experienced strategists and analysts use fundamental and technical research with models, charts, indicators and weight-of-the-evidence methodology to help clients see the signals and invest with confidence. NDR is headquartered in Sarasota, Florida, with offices in New York and London.