Why Would It Persist?

It's been a good five years or so for the set of these three or four anomalies I've talked about, value, low risk, momentum, profitability. It's been a bad five years for value and the pricing of cheap versus expensive stocks is not egregiously weird but it's about historically normal when they've on average probably looked a little too cheap if you're a behavior. If you don't ask your question, you're not doing your job. Some evidence that hedge funds seem to have figured out and incorporate some of the momentum strategy. Professional mutual fund managers have that restriction left and right. They get pushed into taking more risk and probably overpay for them.