Thanks, Pascal. I suppose the proof is in the pudding. Regarding the 20DMF calculation, IIRC each sector weighs the individual stocks' EV in proportion to their respective market cap, i.e. if you have 10 stocks in a sector - one $100B mega cap and nine $1B medium caps, the aggregate EV would mostly represent the mega cap. If my assumption about parallel trading activity is correct, wouldn't that mean that the sector's EV would be inaccurate?
Trader D