Momentum investing in equity markets delivers “striking” and “remarkably persistent” excess returns, according to the most comprehensive study (PDF of article) to date of the phenomenon. Great line from article:
“Every investor we have come across has, explicitly or implicitly, used a momentum or counter-momentum strategy,” said Prof Marsh. “[Consequently] people can look like a genius by accident or they can look a fool when they are quite smart.
Note: Full study here (PDF Download). Prior research from Blackstar Funds.
