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The Changing Nature of Momentum Investing

Excess Returns

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Is There a Difference Between Growth and Momentum?

Growth and momentum were fairly aligned, at least over all. But that's not the way it works over the long term. A lot of these companies had great term performance over the complete cycle but went through periods where maybe momentum wasn't as strong. Even in a period that was dominated by growth, a lot of the growth leaders were not necessarily in these momentum portfolios fairly frequently.

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