linear, so that, for example, a positive equity for one market will not always mean
a positive contribution to the portfolio equity. Instead, it all depends on where and
when all the contributions, in the form of winning and losing trades, happen in
relation to each other.
For example, a market with a negative contribution and a negative correla-
tion still might add positively to the overall result, because of its tendency to be
profitable when all other markets are not. This helps keep up the portfolio equity
and allows for larger positions in the other markets, once they start to function
again.CHAPTER 27 Spreadsheet Development 333
FIGURE 27.7
The IASG Web site.