Is Long Term Momentum Better Than Intermediate Momentum?

Long term momentum tends to be mean reverting, so you don't want to buy the stocks that are up over the most in recent three years. That's not what you want to do over the long term. You want to focus on sort of this one year period. But as the market rewards that stock again in the future, then that stock pops a back in. And just one other thing that popped in my mind is, given that it's a market cap weighted index, it effectively is a a portfolio that's rewarding the largest, better performing securities of those 500 stocks.

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