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AdvancedStock Alerts + Tools0:46Quant

The Effect That Should Not Exist

Momentum is the best-documented and least comfortable anomaly: what has gone up keeps going up, until it crashes.

0:46 · 6 scenes

This lesson is part of a Stock Alerts + Tools plan.

What the lesson covers

  1. 0:00Past winners keep winning. There is no comfortable explanation for it.
  2. 0:05The construction. Rank on the last twelve months, skipping the most recent one, then hold briefly.
  3. 0:14Why it is uncomfortable. It has no risk story. It buys what is expensive because it got expensive.
  4. 0:23The crash. It works steadily then reverses violently, usually at a market turning point.
  5. 0:33The cost of running it. High turnover means real trading costs and short-term tax treatment.
  6. 0:41Well documented, expensive to run, and prone to sudden reversal.
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Educational content only. MadStockAlerts provides market commentary, research, and educational content. It is not personalized investment advice, and nothing here is a recommendation to buy or sell any security. Trading and investing involve substantial risk, including loss of capital. See the Risk Disclosure and Customer Agreement.
Educational content only. MadStockAlerts provides market commentary, research, and educational content. It is not personalized investment advice, and nothing here is a recommendation to buy or sell any security. Trading and investing involve substantial risk, including loss of capital. See the Risk Disclosure and Customer Agreement.
The Effect That Should Not Exist — MAD Academy Training Video · MadStockAlerts