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  <url>
    <loc>https://www.huygenscapital.com/commentary</loc>
    <changefreq>daily</changefreq>
    <priority>0.75</priority>
    <lastmod>2020-09-14</lastmod>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2020/9/13/the-power-of-losing-less</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2020-11-27</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1600054683717-LS4TPQ0BAGEF7UTOARPY/Screen+Shotted+from+PDF+-+Active+Equities+Cap+Pres+Aug+18+thru+Jul+20.png</image:loc>
      <image:title>Investment commentary - The power of losing less</image:title>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2019/12/3/latest-stock-market-highs-driven-by-federal-reserves-commencement-of-quantitative-easing-in-october</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2020-01-05</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1575471384471-1BGSQS11XQMT7NIXMIO9/20191204+Securities+held+outright+vs+R1K+and+Short+Vol+Index.png</image:loc>
      <image:title>Investment commentary - Latest stock market highs driven by Federal Reserve's return to quantitative easing</image:title>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2019/10/13/looking-back-on-our-active-investment-strategies-over-the-past-12-months</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2020-01-05</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1571064274045-14HRZ2NT7GGDVKPTF8VO/Pilot+Cons+NAV+Past+12+Mo.png</image:loc>
      <image:title>Investment commentary - Looking back on our active investment strategies over the past 12 months</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1571093057463-SAN8F4LBR2BKUIOZODDH/Titan+NAV+Past+12+Mo.png</image:loc>
      <image:title>Investment commentary - Looking back on our active investment strategies over the past 12 months</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1571093095985-SMJOW8HW5MJXYUX8OU6O/Sidereal+NAV+Past+12+Mo.png</image:loc>
      <image:title>Investment commentary - Looking back on our active investment strategies over the past 12 months</image:title>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2019/9/9/china-trade-war-news-drove-a-volatile-august</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2020-01-05</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1568674130546-HJ0QB0TO568RKK7VP2JX/190916+Derivs+indicator+vs+Short+Vol+Index.png</image:loc>
      <image:title>Investment commentary - China trade war headlines drove a volatile, whiplash August</image:title>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2019/8/5/trade-war-surprise-again-injects-surprise-volatility-to-market-and-again-the-huygens-derivative-market-stress-indicator-protects-against-some-of-the-resultant-losses</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2020-01-05</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1565196261613-HFBCNUQE7EYU0SZTH62V/Signal+vs+ZIV+ETF.png</image:loc>
      <image:title>Investment commentary - Huygens derivative market stress indicator helps protect against trade war related volatility bursts</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1568577860028-7XZ5L7R7D9SCLEEF20G5/Signal+vs+Short+Vol+Index.png</image:loc>
      <image:title>Investment commentary - Huygens derivative market stress indicator helps protect against trade war related volatility bursts</image:title>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2019/8/5/how-have-our-active-equity-portfolios-performed-over-the-past-9-months-of-stock-market-volatility-quite-well</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2020-01-05</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1565004864484-ZUKK103N2KM87WMJ4AJ5/20190805+Up-Dn+Capture+table.png</image:loc>
      <image:title>Investment commentary - How have our active equity portfolios performed over the past 9 months of stock market volatility?  Quite well...</image:title>
      <image:caption>*Past performance is not necessarily indicative of future results</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2019/8/3/enhancing-our-active-portfolios-bye-bye-small-cap-stocks-hello-momentum-stocks</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-09-04</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1564845778507-WFR85H2NY7S7YLEWF7PW/MTUM+IWM+SPY.png</image:loc>
      <image:title>Investment commentary - Enhancing our active equity portfolios: Bye bye small cap stocks, hello momentum stocks</image:title>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2019/6/10/derivative-market-stress-abated-in-first-5-months-of-2019-driving-gains-for-short-volatility-investors</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-09-04</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1560184435148-TKIQ9V6RAW4N7XD70SBO/Signal+vs+Short+Vol+thru+May+2019.png</image:loc>
      <image:title>Investment commentary - Derivative market stress abated in first 5 months of 2019, driving gains for short volatility investors</image:title>
      <image:caption>*Past performance is not necessarily indicative of future results</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2019/3/14/government-stimulus-drove-most-gains-of-past-10-years</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-09-04</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1559704507500-2ZH9OF3BHERPDF3IR6MF/S%26P+500+and+Fed+Bal+Sheet+over+time.png</image:loc>
      <image:title>Investment commentary - Government stimulus drove almost all of past 10 years’ S&amp;amp;P 500 gains</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1559478178401-V1SM4ORSAS39HRSD4JN8/S%26P+500+vs+Fed+Stimulus.png</image:loc>
      <image:title>Investment commentary - Government stimulus drove almost all of past 10 years’ S&amp;amp;P 500 gains</image:title>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2019/1/31/derivative-market-stress-indicator-protects-our-dynamic-derivatives-clients-from-much-of-4th-quarter-2018-volatility</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-09-04</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1560136213427-43FB8S7T3Y3LQT6K0Z14/Short+Vol+Index+vs+Indicator.png</image:loc>
      <image:title>Investment commentary - Derivative market stress indicator protects our dynamic derivatives clients from much of 4th quarter 2018 volatility</image:title>
      <image:caption>*Past performance is not necessarily indicative of future results</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2018/7/31/zmzjinvbmx2sjsqzxfip9ygcjdgazi</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-06-09</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558406090297-VFOH0QWVJ6LTLZ80UXBH/Schwab+inverted+yield+curve.png</image:loc>
      <image:title>Investment commentary - Arrival of Hawkish Central Bank leadership in first half of 2018 is increasing volatility and competing with earnings growth to drive stocks’ direction</image:title>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2018/4/30/derivative-market-stress-indicator-protects-our-dynamic-derivatives-clients-from-most-of-february-2018-volatility</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-06-09</lastmod>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2018/1/31/dynamic-derivatives-strategy-2017-year-in-review</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-06-10</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1560100254550-4RJM7V7M9K8ZSSKXTZXA/20190609+Days+VIX+below+11.png</image:loc>
      <image:title>Investment commentary - Dynamic derivatives strategy 2017 year in review</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1560100441575-MLE0L3P01CYW4K1OTXXJ/20190609+VIX+vs+Realized.png</image:loc>
      <image:title>Investment commentary - Dynamic derivatives strategy 2017 year in review</image:title>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2017/10/31/huygens-market-stress-indicator-stays-on-offense-as-economic-strength-continues</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-06-09</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558404540006-1MTFVS8Z3AVH6WOO7BNB/VIX+vs+total+return.png</image:loc>
      <image:title>Investment commentary - Huygens equity market stress indicator stays on offense as economic strength continues</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558404671059-3MY31IR8IE0WP68P8BMX/Yardeni+payrolls.png</image:loc>
      <image:title>Investment commentary - Huygens equity market stress indicator stays on offense as economic strength continues</image:title>
      <image:caption>Source: Yardeni.com</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558404808608-YWB7GOT1G1AP8UQUWLPF/image-asset.png</image:loc>
      <image:title>Investment commentary - Huygens equity market stress indicator stays on offense as economic strength continues</image:title>
      <image:caption>Source: Yardeni.com</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558404913578-1VNRLGTCZDUQ8K9O3MJF/Yardeni+job+seekers+ratio.png</image:loc>
      <image:title>Investment commentary - Huygens equity market stress indicator stays on offense as economic strength continues</image:title>
      <image:caption>Source: Yardeni.com</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558405010325-08M51W9V734UL09H9MVU/Yardeni+optimism.png</image:loc>
      <image:title>Investment commentary - Huygens equity market stress indicator stays on offense as economic strength continues</image:title>
      <image:caption>Source: Yardeni.com</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2017/7/31/huygens-market-stress-indicator-continues-to-maintain-bullish-positioning-in-strong-bull-market-conditions</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-06-09</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558404013658-RA5CO2KXAKBKEFWRUL7F/Yardeni+earnings.png</image:loc>
      <image:title>Investment commentary - Huygens equity market stress indicator continues to maintain bullish positioning in strong bull market conditions</image:title>
      <image:caption>Source: Yardeni.com</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558404212680-SG6UXKLIAN6VDDROOXUJ/NFIB+Optimism.png</image:loc>
      <image:title>Investment commentary - Huygens equity market stress indicator continues to maintain bullish positioning in strong bull market conditions</image:title>
      <image:caption>Source: National Federation of Independent Business (NFIB)</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2017/4/30/huygens-market-stress-indicator-maintains-bullish-positioning-amid-accelerating-earnings-growth-protecting-against-behavioral-response-to-alarming-headlines</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-06-09</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558397773319-Z5EV5X1F9EETTYHKM0MZ/NFIB+Sentiment.png</image:loc>
      <image:title>Investment commentary - Huygens equity market stress indicator maintains bullish positioning amid accelerating earnings growth, protecting against behavioral response to alarming headlines</image:title>
      <image:caption>Source: NFIB</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558397968195-9ZBJL8BCPHQ1ZD1WTJOM/Yardeni+manufacturing.png</image:loc>
      <image:title>Investment commentary - Huygens equity market stress indicator maintains bullish positioning amid accelerating earnings growth, protecting against behavioral response to alarming headlines</image:title>
      <image:caption>Source: Yardeni.com</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558398092051-YQA085KELWQLOZ9B5S7Q/IMF+Debt.png</image:loc>
      <image:title>Investment commentary - Huygens equity market stress indicator maintains bullish positioning amid accelerating earnings growth, protecting against behavioral response to alarming headlines</image:title>
      <image:caption>Source: International Monetary Fund</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558403427326-3XDLGYP3S84OVM1D1N8D/Loans+decline.png</image:loc>
      <image:title>Investment commentary - Huygens equity market stress indicator maintains bullish positioning amid accelerating earnings growth, protecting against behavioral response to alarming headlines</image:title>
      <image:caption>Source: Wall Street Journal</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2017/4/28/introducing-our-dynamic-derivatives-portfolios-for-high-net-worth-and-institutional-clients</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-06-09</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1560094419614-FOY7IGK9TQZ1B1JCBDTZ/VIX+roll+down+chart.png</image:loc>
      <image:title>Investment commentary - Introducing our dynamic derivatives portfolios for high net worth and institutional clients</image:title>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2017/1/31/6b2b37gtdsiaci3jlsk5ylmhvwz8y7</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-06-09</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558397359574-DT525X5XQH0KS71JYD8I/KC+Fed+stress+index.png</image:loc>
      <image:title>Investment commentary - Huygens equity market stress indicator quickly returns to bullish positioning despite noise and confusion surrounding presidential election</image:title>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2016/10/30/huygens-market-stress-indicator-correctly-maintained-bullish-positioning-in-the-quarter-amp-captured-stocks-gains-at-a-time-when-recession-seemed-imminent-but-never-arrived</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-06-09</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558395159821-DYENMN8OU31KZ4XZK1YJ/LEI+Chart.png</image:loc>
      <image:title>Investment commentary - Huygens market stress indicator correctly maintained bullish positioning in the quarter &amp;amp; captured stocks' gains, at a time when recession seemed imminent but never arrived.</image:title>
      <image:caption>Source: The Conference Board</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558395327869-K27EVP4RLHZKFILOPN92/S%26P+realized+vol.png</image:loc>
      <image:title>Investment commentary - Huygens market stress indicator correctly maintained bullish positioning in the quarter &amp;amp; captured stocks' gains, at a time when recession seemed imminent but never arrived.</image:title>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2016/7/31/huygens-market-stress-indicator-correctly-stays-bullish-in-the-quarter-as-us-central-bank-interest-rate-stimulus-cushions-us-stocks-against-brexit-volatility-and-ongoing-earnings-softness</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-06-09</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558394464690-ABEQTBZ66XE12GLGPCWA/Russell+SPLV+SP500+chart.png</image:loc>
      <image:title>Investment commentary - Huygens market stress indicator correctly stayed bullish at quarter end as US Central Bank interest rate stimulus cushioned US stocks against Brexit volatility and ongoing earnings softness</image:title>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2016/4/30/decreasing-total-us-market-capitalization-combined-with-flat-stock-prices-indicate-large-corporate-buybacks-the-main-support-for-sampp-500-stocks-as-small-cap-russell-2000-declines</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-06-09</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558392045178-B1XDG3B26XVN9P2KK2FO/Russell+SPLV+SP500+chart.png</image:loc>
      <image:title>Investment commentary - Is a recession already underway?  Decreasing total US market cap + flat large cap stock prices + falling small cap stock prices = corporate buybacks the main support for S&amp;amp;P 500 stocks</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558392234238-OWNYV028OHYOAJGC7HWN/Yardeni+sectors+chart.png</image:loc>
      <image:title>Investment commentary - Is a recession already underway?  Decreasing total US market cap + flat large cap stock prices + falling small cap stock prices = corporate buybacks the main support for S&amp;amp;P 500 stocks</image:title>
      <image:caption>Source: Yardeni.com</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558392469117-GBQPXZQSX3U2Z7ICFJNU/Yardeni+sector+earnings.png</image:loc>
      <image:title>Investment commentary - Is a recession already underway?  Decreasing total US market cap + flat large cap stock prices + falling small cap stock prices = corporate buybacks the main support for S&amp;amp;P 500 stocks</image:title>
      <image:caption>Source: Yardeni.com</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558392653688-FNUTWF5LFA4JQ1YKO4CU/Equity+fund+flows.png</image:loc>
      <image:title>Investment commentary - Is a recession already underway?  Decreasing total US market cap + flat large cap stock prices + falling small cap stock prices = corporate buybacks the main support for S&amp;amp;P 500 stocks</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558392823948-1KHEN425Z4PE29JYIKZ3/FactSet+buybacks+chart.png</image:loc>
      <image:title>Investment commentary - Is a recession already underway?  Decreasing total US market cap + flat large cap stock prices + falling small cap stock prices = corporate buybacks the main support for S&amp;amp;P 500 stocks</image:title>
      <image:caption>Source: FactSet</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558393739494-KD2UR0IVDVHQZVWW9EWX/Yardeni+GDP+and+S%26P+500+revenues.png</image:loc>
      <image:title>Investment commentary - Is a recession already underway?  Decreasing total US market cap + flat large cap stock prices + falling small cap stock prices = corporate buybacks the main support for S&amp;amp;P 500 stocks</image:title>
      <image:caption>Source: Yardeni.com</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2016/1/31/cphx9cirbhdtwbork09pgosw7exkat</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-06-09</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558350873894-UXYCTOPJQGVYSX84ALWT/R2K+SPLV+SP500.png</image:loc>
      <image:title>Investment commentary - Risks increasing and rewards decreasing in post-monetary stimulus environment</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558351132149-SGCA4O0BMSI6B6MCSXEL/Modified+Sharpe.png</image:loc>
      <image:title>Investment commentary - Risks increasing and rewards decreasing in post-monetary stimulus environment</image:title>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2015/10/27/declining-sampp-revenues-and-profits-driving-equity-market-stress</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-06-09</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558349682045-ROZ25RR7POCTP6KTVRW2/Yardeni+revenues+%26+leading+indicators.png</image:loc>
      <image:title>Investment commentary - Declining S&amp;amp;P revenues and profits driving equity market stress</image:title>
      <image:caption>Source: Yardeni.com</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558349990239-9CQQ05X9GYPENUKGX2SO/Signal+vs+S%26P+500.png</image:loc>
      <image:title>Investment commentary - Declining S&amp;amp;P revenues and profits driving equity market stress</image:title>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2015/7/31/us-equity-market-eerily-quiescent</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-06-09</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558236060887-2HF5WZHLEXA0IHT2BNC4/S%26P+500+past+6+month+trading+range.png</image:loc>
      <image:title>Investment commentary - Huygens system particularly relevant in confusing rare environment of narrow trading range, low volatility, few up days, and declining company revenues and profits</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558237111235-L1YP9QO6KCYTKHXF7UHA/S%26P+500+past+6+mo+return.png</image:loc>
      <image:title>Investment commentary - Huygens system particularly relevant in confusing rare environment of narrow trading range, low volatility, few up days, and declining company revenues and profits</image:title>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2015/4/29/us-company-earnings-declining</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-06-09</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558320518192-JNR5SXRZH6QJNEWKGHQX/Vol+trend+chart.png</image:loc>
      <image:title>Investment commentary - US company earnings declining amid deflationary environment in many developed economies around the world</image:title>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2015/1/30/after-wind-down-of-us-central-bank-monetary-stimulus-equity-market-facing-substantial-headwinds-in-2015</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-06-09</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558318955450-B0YPT4FC3CH0U2EKO5GT/Paulsen+charts.png</image:loc>
      <image:title>Investment commentary - After wind-down of US Central Bank monetary stimulus, equity market facing substantial headwinds in 2015</image:title>
      <image:caption>Source: Wells Capital Management</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558319116875-66EU54LA2V0EEU0R2P39/HYG+vs+IEF.png</image:loc>
      <image:title>Investment commentary - After wind-down of US Central Bank monetary stimulus, equity market facing substantial headwinds in 2015</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558319366107-XW8Z0KTDN4AFQXB3MIUX/China+ghost+city.png</image:loc>
      <image:title>Investment commentary - After wind-down of US Central Bank monetary stimulus, equity market facing substantial headwinds in 2015</image:title>
      <image:caption>“Ghost city” of unsold apartments in Yingkou, China (Wall Street Journal, 14 Apr 2014)</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2014/10/22/z6ee85if8708gvnvy56r1iyqbfllp1</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-06-09</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558317651707-V00CC7KYC5PQH61XOSCY/R2K+%26+HY+vs+VIX+over+time.png</image:loc>
      <image:title>Investment commentary - Wind-down of US Central Bank monetary stimulus inducing market volatility and suppressing returns; Huygens introduces tactical asset allocation strategies</image:title>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2014/7/17/s4bhcfe410o4eqrfhoo5te4081jb09</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-06-09</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558316899978-FCKTNH8BCUGG79W6IJXF/Fed+assets+chart.png</image:loc>
      <image:title>Investment commentary - US Central Bank becoming uneasy with distortions caused by ongoing monetary stimulus</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558317104895-8X0SYO9XWLTZE8PCDFAV/Yardeni+profitability+chart.png</image:loc>
      <image:title>Investment commentary - US Central Bank becoming uneasy with distortions caused by ongoing monetary stimulus</image:title>
      <image:caption>Source: Yardeni.com</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2014/4/25/oukr8hzkwgoan88c2vj80bkxuo6zfs</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-06-09</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558314835214-4HQA0RGUC7TB7L5BRL73/R2K+return+vs+vol+chart.png</image:loc>
      <image:title>Investment commentary - Huygens tactical investing strategies design philosophy</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558315542192-2WUI5ZZTD80XJ2NFSU5D/Dalbar+NYT+chart.png</image:loc>
      <image:title>Investment commentary - Huygens tactical investing strategies design philosophy</image:title>
      <image:caption>Analysis source: Dalbar; chart source: New York Times</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2014/1/24/mixed-economic-signals-amid-ongoing-us-central-bank-monetary-stimulus</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-06-09</lastmod>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2013/10/21/us-stock-markets-pace-of-gains-not-likely-to-continue-after-central-bank-monetary-stimulus-ends</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-06-09</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558292421800-O24Q6HM9QI9EN6YH7J8H/QE+Chart.png</image:loc>
      <image:title>Investment commentary - U.S. stock market's pace of gains not likely to continue after Central Bank monetary stimulus ends</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558293142139-SBMB2ZPS6FWGXRWI1O7C/Volatility+deciles.png</image:loc>
      <image:title>Investment commentary - U.S. stock market's pace of gains not likely to continue after Central Bank monetary stimulus ends</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558304394586-CTA7IU39DKAK2AP61PD9/US+mkt+cap+to+GDP+ratio.png</image:loc>
      <image:title>Investment commentary - U.S. stock market's pace of gains not likely to continue after Central Bank monetary stimulus ends</image:title>
      <image:caption>Analysis and graphic courtesy of Vectorgrader.com</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/2013/7/31/us-federal-reserve-causes-temporary-repeal-of-market-forces-with-unprecedented-monetary-stimulus</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
    <lastmod>2019-06-09</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/56cc7bc60442621c56ef83be/1558291110285-07CGY5L84S1QJMG8QACT/Bianco+graph.png</image:loc>
      <image:title>Investment commentary - U.S. Federal Reserve causes temporary repeal of market forces with unprecedented monetary stimulus</image:title>
      <image:caption>Analysis and image courtesy Bianco Research</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/tag/Tactical</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/tag/trade+war</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/tag/accountant</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/tag/Volatility</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/tag/Investing</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
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  <url>
    <loc>https://www.huygenscapital.com/commentary/tag/Momentum</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
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  <url>
    <loc>https://www.huygenscapital.com/commentary/tag/Smart+beta</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
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  <url>
    <loc>https://www.huygenscapital.com/commentary/tag/Accountant</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/tag/volatility</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/tag/tactical</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/tag/Volatililty</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/tag/robo+advisor</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
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  <url>
    <loc>https://www.huygenscapital.com/commentary/tag/professional</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
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  <url>
    <loc>https://www.huygenscapital.com/commentary/tag/momentum</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
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  <url>
    <loc>https://www.huygenscapital.com/commentary/tag/Active</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
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  <url>
    <loc>https://www.huygenscapital.com/commentary/tag/Professional</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
  </url>
  <url>
    <loc>https://www.huygenscapital.com/commentary/tag/Trade+war</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
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  <url>
    <loc>https://www.huygenscapital.com/commentary/tag/quantitative+easing</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
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  <url>
    <loc>https://www.huygenscapital.com/commentary/tag/Robo+advisor</loc>
    <changefreq>monthly</changefreq>
    <priority>0.5</priority>
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  <url>
    <loc>https://www.huygenscapital.com/commentary/tag/investing</loc>
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    <priority>0.5</priority>
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  <url>
    <loc>https://www.huygenscapital.com/commentary/tag/smart+beta</loc>
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