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Must-Read: Robert Novy-Marx: Is Momentum Really Momentum?

Must-Read: Robert Novy-Marx: Is Momentum Really Momentum?:

Momentum is primarily driven by ﬁrms’ performance 12 to seven months prior to portfolio formation…

…not by a tendency of rising and falling stocks to keep rising and falling. Strategies based on recent past performance generate positive returns but are less proﬁtable than those based on intermediate horizon past performance, especially among the largest, most liquid stocks. These facts are not particular to the momentum observed in the cross section of US equities. Similar results hold for momentum strategies trading international equity indices, commodities, and currencies…

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Must-Read: Robert Novy-Marx: Is Momentum Really Momentum?

September 21, 2016

AUTHORS:

September 21, 2016

AUTHORS:

U.S. economic mobility trends and outcomes

U.S. income and wealth inequality are no longer increasing, but a return to the equitable levels of the mid-20th century isn’t likely anytime soon