On the surface, value investors seem to have a polar opposite mindset from momentum investors. Value investors generally buy cheap out-of-favor stocks, while momentum investors buy stocks with strong price trends. But the behavioral biases and career concerns that drive expected excess returns for value investors are the key mechanisms also driving the long-term sustainability of momentum. Quantitative Momentum fully explores exactly how and why systematic momentum investing is a powerful strategy, arguing that momentum investing is potentially more potent than value investing.
