AAPL - The Customer Is Always Right: Consumer Sentiment As A Predictor Of Alpha

By Jonathan Liss

Before founding ExponentialETFs, Phil Bak spent the better part of a decade with the NYSE's ETF division, helping other firms get their own funds listed smoothly. And while he enjoyed what he was doing, he had always really envisioned himself managing his own ETFs. For some time, Bak had theorized that consumer sentiment could be used as a lead indicator to generate outperformance.

Enter Dr. Claes Fornell, the world's foremost expert on measuring customer satisfaction. Since founding the American Customer Satisfaction Index in 1994, Fornell had collected reams of data

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