Value vs Momentum

By |2012-01-18T22:54:44-05:00January 18th, 2012|Markets|

I've been in this business for a long time and this paper confirmssomething I've observed throughout my career: There are two primary and distinct techniques of asset management: momentum and fair value. Momentum investors (‘the trend is your friend’) ignore fundamental value and follow the money, buying when prices are rising and selling when they reverse. Fair-value investors (‘a stock’s [...]