Momentum is the closest thing finance has to an embarrassment. It shouldn’t work, buying what has already gone up violates every instinct about buying low, and yet it is one of the most stubbornly documented patterns in markets, replicated across decades, countries, and asset classes. Here is what momentum investing actually is, the leading explanations for why it persists, the failure mode that can undo it in a single violent turn, and how a disciplined system tries to keep the edge while side-
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