In short: The buy-and-hold end of Cambria's four allocation ETFs — a global allocation you "just buy it and are done," and one half of what TRTY combines. Presented as core, not satellite.
GAA is the plainest thing Cambria sells: a single fund holding a spread of global stocks, bonds and real assets that you buy and then leave alone. No timing, no hedging, no trend signals. In his core/satellite map it sits at the passive end of the four allocation funds, and it is one of the two halves that TRTY blends together.
The role it plays in his argument is as the baseline — the "own everything, globally, and don't tinker" portfolio that his more active funds are measured against and combined with.
34:42And they range from GAA, which is a buy and hold global allocation, and then on the other end you have this trend fund, which is GMOM, which targets a similar universe, but GMOM can be concentrated and it can also be 100% in cash and bonds. Right now, and it's based on momentum and trend. So buy and hold and then trend.
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