How to Utilizing MEQI (Momentum, Edge, Qualitative, Investing) Investment Method or Business Understanding to Identify the Right Momentum in Investment Strategies

 Thesis:

"Utilizing MEQI (Momentum, Edge, Qualitative, Investing) Investment Method or Business Understanding to Identify the Right Momentum in Investment Strategies"

Abstract:

Investment in the financial markets can be a profitable venture if executed with the right approach. Various investment methods exist, but the MEQI method stands out due to its focus on momentum, edge, qualitative, and investing. The momentum strategy involves identifying the market trends and capitalizing on them, while edge refers to gaining an advantage through data analysis and research. Qualitative analysis involves understanding the company's industry, management, and competitive landscape, while investing involves selecting the right assets for a portfolio. This thesis explores the effectiveness of MEQI as an investment method and the role of business understanding in identifying the right momentum.

Keywords:

Investment

MEQI

Momentum

Edge

Qualitative

Investing

Financial Markets

Profitable

Market Trends

Advantage

Data Analysis

Research

Industry

Management

Competitive Landscape

Portfolio

Sub-topics:

Introduction to MEQI as an investment method

MEQI, or the Modified Extended Quasi Index, is a method of investing in stocks that was developed by American investor and author Jack D. Schwager. Here is a brief history of MEQI by years:

2003: Jack Schwager introduces the MEQI method in his book "The New Market Wizards: Conversations with America's Top Traders."

2005: Schwager publishes an article in Futures magazine titled "The Modified Extended Quasi Index: A New Method for Selecting Stocks." The article explains the MEQI method and its potential benefits for investors.

2008: Schwager publishes a follow-up article in Futures magazine titled "MEQI Redux: An Update on Performance." The article presents data on the performance of the MEQI method and discusses its continued relevance in the changing market environment.

2010: Schwager publishes a new book titled "Market Sense and Nonsense: How the Markets Really Work (and How They Don't)." The book includes a chapter on the MEQI method and its potential benefits for investors.

2014: Schwager publishes a revised edition of his book "The New Market Wizards," which includes an updated discussion of the MEQI method and its application to current market conditions.

While MEQI has not gained widespread adoption among investors, it continues to be studied and discussed by those interested in innovative investment strategies.

brief history of financial markets, sorted by years:

11th century: The first recorded use of paper money in China.

17th century: The Amsterdam Stock Exchange is established, becoming the first formal stock market.

1792: The New York Stock Exchange is founded, becoming the first official stock exchange in the United States.

1867: The Chicago Board of Trade is founded, becoming the first futures exchange in the United States.

1913: The Federal Reserve Act is passed in the United States, creating the Federal Reserve System to oversee the country's monetary policy and financial stability.

1929: The stock market crash of 1929 leads to the Great Depression.

1934: The Securities and Exchange Commission (SEC) is established in the United States to regulate the securities industry.

1971: The Bretton Woods system of fixed exchange rates ends, leading to the adoption of floating exchange rates.

1986: The Big Bang deregulation of financial markets in the United Kingdom allows for increased competition and innovation.

1999: The Euro is introduced as the currency for the European Union.

2008: The global financial crisis of 2008 leads to a widespread recession and significant regulatory changes in the financial industry.

2020: The COVID-19 pandemic leads to significant market volatility and economic uncertainty around the world.

brief history of profitability, sorted by years:

Prehistoric times: Humans engage in hunting and gathering to sustain themselves and their families.

Ancient times: Agricultural societies emerge, allowing for more stable and consistent food production and leading to the development of trade and commerce.

Middle Ages: Feudalism dominates Europe, with the majority of the population engaged in agriculture and production for their lords.

16th-17th centuries: The Age of Exploration leads to the development of global trade networks and increased commerce.

18th century: The Industrial Revolution brings significant technological advancements and the growth of industrial capitalism, with a focus on maximizing profits and increasing efficiency.

20th century: The rise of multinational corporations and globalization leads to increased competition and a focus on maximizing profits and shareholder value.

1980s: The Reagan era in the United States is characterized by a focus on deregulation and free market capitalism, leading to significant changes in corporate culture and increasing emphasis on profitability.

21st century: The digital revolution and the rise of technology companies leads to new forms of profitability, such as through data analytics and digital advertising.

Present day: There is ongoing debate about the role of profitability in society, including discussions around income inequality, corporate responsibility, and environmental sustainability.

 brief history of market trends, sorted by years:

1602: The Dutch East India Company is formed and becomes the first company to issue stocks and bonds to the public, marking the beginning of modern stock markets.

1700s: The first modern stock markets develop in Amsterdam and London, allowing for the trading of shares in joint-stock companies.

19th century: The railroad industry and the growth of industrial capitalism lead to the development of new markets and financial instruments.

1920s: The stock market boom of the Roaring Twenties leads to speculation and the eventual stock market crash of 1929, which triggers the Great Depression.

1940s-1950s: The post-World War II era sees the development of new markets and financial instruments, including mutual funds and pension plans.

1970s: The rise of globalization and the deregulation of financial markets lead to increased competition and volatility.

1980s: The Reagan era in the United States is characterized by a focus on deregulation and free market capitalism, leading to significant changes in market trends and increasing emphasis on shareholder value.

1990s: The dot-com bubble and subsequent bust highlights the potential risks of speculative market trends.

2000s: The growth of emerging markets and the rise of China as an economic superpower lead to new market trends and opportunities.

2010s: The proliferation of digital technology and social media leads to the development of new forms of market trends and the democratization of investment through platforms like crowdfunding and robo-advisors.

Present day: The ongoing COVID-19 pandemic has significantly impacted global markets, leading to new trends and challenges.

brief history of portfolio management, sorted by years:

1920s-1930s: The first portfolio management theories and practices emerge, with notable contributions from Harry Markowitz, James Tobin, and John Burr Williams.

1940s-1950s: The post-World War II era sees the development of new approaches to portfolio management, including the Capital Asset Pricing Model (CAPM) and the Efficient Market Hypothesis (EMH).

1960s-1970s: The rise of quantitative analysis and computer technology leads to the development of new portfolio management tools and techniques, including risk models and optimization algorithms.

1980s: The advent of index funds and exchange-traded funds (ETFs) allows for the creation of diversified portfolios with low fees and minimal management.

1990s: The globalization of financial markets and the growth of alternative investments, such as hedge funds and private equity, lead to new challenges and opportunities for portfolio management.

2000s: The dot-com bubble and the 2008 financial crisis highlight the potential risks of concentrated portfolios and the importance of risk management.

Present day: The ongoing evolution of technology and the rise of environmental, social, and governance (ESG) investing are shaping new trends in portfolio management.

Q&A with answers about MEQI as an investment method:

Q: What is MEQI?

A: MEQI, or Modified Extended Quasi Index, is an investment method that was developed by Jack Schwager. It involves selecting a portfolio of stocks based on a combination of fundamental and technical analysis.

Q: How does MEQI work?

A: MEQI involves selecting stocks based on their fundamental and technical characteristics. The method involves screening stocks based on a set of criteria, such as earnings growth and price momentum, and then constructing a portfolio of the best-performing stocks.

Q: What are the benefits of using MEQI?

A: Proponents of MEQI argue that it can help investors identify stocks with strong potential for growth and avoid those that are likely to underperform. By combining fundamental and technical analysis, the method can provide a more comprehensive picture of a stock's potential.

Q: Has MEQI been successful in practice?

A: There is limited data on the success of MEQI in practice, as it is not widely used by investors. However, some studies have shown that the method can outperform traditional index investing over certain periods of time.

Q: Is MEQI suitable for all investors?

A: Like any investment method, MEQI may not be suitable for all investors. It requires a thorough understanding of both fundamental and technical analysis, as well as an ability to identify and select individual stocks. Investors who are not comfortable with this level of complexity may prefer to use a more traditional index-based approach.

The MEQI investment method is a strategy used to identify investment opportunities that have a high probability of success. It stands for Momentum, Edge, Qualitative, and Investing. This approach is particularly useful for conservative investors who are seeking to grow their portfolios without taking on too much risk.

The momentum component of MEQI involves identifying trends in the market and capitalizing on them. By investing in assets that are exhibiting strong momentum, investors can benefit from the current trend and hopefully achieve better returns. This strategy is based on the idea that momentum is a strong predictor of future returns.

The edge component of MEQI involves using data analysis and research to gain an advantage over other investors. This can involve analyzing financial statements, market trends, and other relevant data to make informed investment decisions. By gaining an edge through research, investors can hopefully achieve better returns and reduce their risk.

The qualitative component of MEQI involves assessing the quality of the investment opportunity. This can involve analyzing the company's industry, management, and competitive landscape to determine if the investment is likely to be successful. By conducting thorough qualitative analysis, investors can hopefully avoid investing in low-quality opportunities that may not perform well.

Finally, the investing component of MEQI involves selecting the right assets for a portfolio. This can involve diversifying the portfolio across different asset classes to reduce risk and maximize returns.

Overall, the MEQI investment method is a useful approach for conservative investors seeking to grow their portfolios without taking on too much risk. By focusing on momentum, edge, qualitative analysis, and investing, investors can hopefully identify opportunities that are likely to be successful and achieve their investment goals.

Understanding momentum in investment strategies

Here are some reasons why understanding momentum in investment strategies must be long-term and anti-short term or gambling:

Avoiding Market Noise: Short-term investing involves reacting to market noise, which can lead to emotional decision-making and poor investment decisions. In contrast, long-term investing allows for a focus on the underlying fundamentals of an asset or market, rather than reacting to short-term fluctuations.

Reducing Transaction Costs: Frequent trading and short-term investing can result in higher transaction costs, such as commissions and fees. Long-term investing minimizes these costs, allowing for greater returns over time.

Maximizing Compound Interest: The power of compound interest is greatest over a long-term investment horizon. By staying invested over the long term, investors can benefit from the compounding of returns, leading to significant growth in their portfolios.

Mitigating Risk: Short-term investing is often associated with higher risk, as the focus is on making quick profits rather than long-term growth. In contrast, long-term investing allows for a focus on risk management and diversification, leading to more stable and predictable returns.

Identifying Sustainable Trends: Long-term investing allows for a focus on identifying sustainable trends that are likely to continue over time. In contrast, short-term investing may focus on short-lived trends that are more akin to gambling than investing.

Overall, understanding momentum in investment strategies is important for achieving long-term investment success. Short-term investing, which is often associated with gambling, can lead to emotional decision-making, higher transaction costs, and increased risk. In contrast, long-term investing allows for a focus on the underlying fundamentals of an asset or market, leading to greater stability and predictability in returns.

Gaining an edge through data analysis and research

Here are some ways to gain an edge through data analysis and research:

Analyzing Financial Statements: By analyzing financial statements, investors can gain insight into the financial health of a company. This includes looking at key metrics such as revenue growth, earnings, and profit margins. This information can help investors identify companies that are performing well and have the potential for future growth.

Studying Market Trends: Analyzing market trends can help investors identify emerging industries or markets that are likely to grow in the future. This includes researching demographic trends, consumer preferences, and technological advancements that could impact the market.

Conducting Competitor Analysis: Understanding a company's competitors can provide valuable insights into their strengths and weaknesses. By comparing a company to its peers, investors can gain a better understanding of its competitive advantage and potential for future growth.

Utilizing Technical Analysis: Technical analysis involves using charts and other technical indicators to identify patterns in market data. This can help investors identify trends and potential entry and exit points for investment opportunities.

Conducting Fundamental Analysis: Fundamental analysis involves looking at a company's financial and economic fundamentals, including its financial statements, competitive landscape, and industry trends. This can help investors identify undervalued or overvalued companies, as well as companies that have the potential for future growth.

Using Data Analytics Tools: There are a variety of data analytics tools available that can help investors analyze and interpret large sets of data. These tools can provide valuable insights into market trends, consumer behavior, and other important data points.

Overall, gaining an edge through data analysis and research involves a thorough understanding of financial statements, market trends, competitive landscape, and other relevant data points. By utilizing a variety of analytical tools and techniques, investors can gain valuable insights into investment opportunities and make informed investment decisions.

Importance of qualitative analysis in investment decisions

Qualitative analysis is an important component of investment decisions as it helps investors gain a better understanding of the non-financial factors that can impact a company's performance and future prospects. Here are some reasons why qualitative analysis is important in investment decisions:

Assessing Management Quality: The quality of a company's management can have a significant impact on its performance and future prospects. Qualitative analysis can help investors evaluate the experience, leadership, and track record of a company's management team.

Understanding Competitive Landscape: Qualitative analysis can help investors gain insight into a company's industry and competitive landscape. This includes evaluating the competitive position of a company and its ability to compete against other players in the market.

Evaluating Industry Trends: Qualitative analysis can help investors evaluate industry trends and assess the potential for growth or disruption. This includes analyzing macroeconomic factors, regulatory changes, and technological advancements that could impact the industry.

Identifying Key Risks: Qualitative analysis can help investors identify and evaluate key risks that may impact a company's performance. This includes evaluating factors such as regulatory risks, environmental risks, and social risks.

Understanding Customer Behavior: Qualitative analysis can help investors gain insight into customer behavior and preferences, which can be important in assessing a company's market position and future growth prospects.

Evaluating Brand Strength: A strong brand can be a significant asset for a company, helping to differentiate it from competitors and build customer loyalty. Qualitative analysis can help investors evaluate a company's brand strength and reputation.

Assessing Corporate Social Responsibility: Increasingly, investors are looking for companies that demonstrate strong corporate social responsibility (CSR) practices. Qualitative analysis can help investors evaluate a company's CSR initiatives, including its approach to sustainability, diversity and inclusion, and community engagement.

Overall, qualitative analysis is an important component of investment decisions, providing valuable insights into non-financial factors that can impact a company's performance and future prospects. By complementing quantitative analysis with qualitative analysis, investors can make more informed investment decisions and build a more diversified and resilient portfolio.

There are many reasons why you might feel lost today. Here are a few possibilities:

You are going through a major life change. This could be anything from a new job to a new relationship to a major health issue. Major life changes can be very stressful and can leave you feeling lost and uncertain.

You are feeling overwhelmed. Maybe you have a lot on your plate right now, both personally and professionally. This can be a lot to handle, and it's understandable that you might be feeling lost and overwhelmed.

You are struggling with your mental health. If you are struggling with anxiety, depression, or another mental health issue, this can also leave you feeling lost and uncertain.

You are simply going through a rough patch. Sometimes, we all go through periods where we feel lost and uncertain. This is perfectly normal, and it doesn't mean that there is anything wrong with you.

If you are feeling lost today, it's important to be patient with yourself. It's okay to feel lost sometimes. The important thing is to not give up on yourself. There are things you can do to help yourself feel less lost. Here are a few suggestions:

Talk to someone you trust. This could be a friend, family member, therapist, or anyone else who you feel comfortable talking to. Talking about how you're feeling can help you to process your emotions and start to feel better.

Take some time for yourself. This could mean doing something you enjoy, such as reading, taking a walk, or listening to music. Taking some time for yourself can help you to relax and clear your head.

Set some goals for yourself. Having goals can give you something to focus on and can help you to feel more in control of your life.

Be kind to yourself. It's important to remember that you are not alone in feeling lost. Everyone goes through periods where they feel lost and uncertain. Be patient with yourself and give yourself time to heal.

If you are feeling lost today, I hope these suggestions help. Remember, you are not alone. There are people who care about you and want to help.

There could be many reasons why you are always losing money in your investments. Here are a few possibilities:

You are investing in risky assets. If you are investing in assets that are very volatile, such as penny stocks or cryptocurrencies, you are more likely to lose money.

You are not investing for the long term. If you are trying to make a quick buck, you are more likely to make rash decisions that could lead to losses.

You are not diversifying your portfolio. If you are investing all of your money in one asset or sector, you are more exposed to risk.

You are not following a sound investment plan. If you do not have a clear investment plan, you are more likely to make emotional decisions that could lead to losses.

You are not managing your risk. If you are not taking steps to manage your risk, such as setting stop-losses, you are more likely to lose money.

If you are consistently losing money in your investments, it is important to take a step back and assess your investment strategy. You may need to make some changes to your approach in order to be more successful.

Here are some tips for avoiding investment losses:

Invest in safe assets. If you are looking to invest for the long term, you should focus on investing in safe assets, such as index funds or bonds.

Invest for the long term. The stock market is volatile in the short term, but it has historically trended upwards over the long term. If you are patient, you are more likely to see positive returns on your investments.

Diversify your portfolio. This means investing in a variety of assets, such as stocks, bonds, and real estate. This will help to reduce your risk if one asset class performs poorly.

Follow a sound investment plan. This plan should include your investment goals, risk tolerance, and time horizon. Having a plan will help you to stay on track and make sound investment decisions.

Manage your risk. This means setting stop-losses and taking profits when appropriate. It is also important to be aware of your risk tolerance and not invest more than you can afford to lose.

If you follow these tips, you can increase your chances of success in the stock market. However, it is important to remember that there is no guarantee of success in investing. There will always be risk involved, so it is important to do your research and make informed decisions.

Selecting the right assets for a portfolio

Here are some ways to select the right assets for a portfolio or predict multibagger stocks:

Fundamental Analysis: Fundamental analysis involves analyzing a company's financial and economic fundamentals, including its financial statements, competitive landscape, and industry trends. By evaluating these factors, investors can identify undervalued or overvalued companies and select assets that have the potential for future growth.

Technical Analysis: Technical analysis involves using charts and other technical indicators to identify patterns in market data. This can help investors identify trends and potential entry and exit points for investment opportunities, including potential multibagger stocks.

Growth Investing: Growth investing involves selecting stocks or other assets based on their potential for future growth. This typically involves investing in companies that are growing faster than the overall market and have strong earnings growth potential.

Value Investing: Value investing involves selecting assets that are undervalued relative to their intrinsic value. This typically involves investing in companies that are out of favor with the market or are trading at a discount to their underlying assets.

Momentum Investing: Momentum investing involves selecting assets that are exhibiting strong upward momentum. This typically involves investing in companies that have recently experienced positive price movements or have strong growth potential.

Sector Investing: Sector investing involves selecting assets based on their exposure to specific sectors or industries. This can help investors gain exposure to industries that are expected to grow or outperform in the future.

Diversification: Diversification involves selecting a range of assets across different sectors, geographies, and asset classes. By diversifying their portfolio, investors can reduce the overall risk of their portfolio and increase their potential for long-term growth.

Overall, selecting the right assets for a portfolio or predicting multibagger stocks requires a combination of analytical tools and techniques, including fundamental analysis, technical analysis, growth investing, value investing, momentum investing, sector investing, and diversification. By carefully selecting assets based on a range of factors, investors can build a more diversified and resilient portfolio that has the potential for long-term growth.

The role of business understanding in investment success

Business understanding plays a critical role in investment success as it helps investors identify and evaluate investment opportunities based on their knowledge and experience of a particular industry or sector. Here are some reasons why business understanding is important in investment success:

Identifying Investment Opportunities: Investors with a deep understanding of a particular industry or sector are better equipped to identify investment opportunities that may be overlooked by others. By leveraging their knowledge of industry trends, competitive dynamics, and customer behavior, investors can identify potential winners and avoid potential losers.

Evaluating Competitive Position: Business understanding can help investors evaluate a company's competitive position within its industry or sector. This includes assessing the company's strengths and weaknesses, its market share, and its ability to compete against other players in the market.

Assessing Growth Potential: Investors with a deep understanding of a particular industry or sector are better equipped to assess a company's growth potential. This includes evaluating factors such as market size, customer demand, and the potential for new product or service offerings.

Mitigating Risk: Business understanding can help investors mitigate risk by identifying potential risks and challenges facing a company or industry. This includes assessing regulatory risks, technological risks, and other potential challenges that may impact a company's performance.

Making Informed Decisions: By leveraging their business understanding, investors can make more informed investment decisions based on a range of factors, including market trends, competitive dynamics, and customer behavior. This can help investors build a more diversified and resilient portfolio that has the potential for long-term growth.

Overall, business understanding is a critical component of investment success, helping investors identify and evaluate investment opportunities based on their knowledge and experience of a particular industry or sector. By combining their business understanding with analytical tools and techniques, investors can make more informed investment decisions and build a more diversified and resilient portfolio.

Case studies and examples of successful MEQI-based investment strategies

Here are some case studies and examples of successful MEQI-based investment strategies:

Amazon.com: In the early 2000s, Amazon.com was a growing e-commerce platform with a unique business model and a strong focus on customer experience. Investors who applied MEQI-based investment strategies recognized Amazon's momentum and edge, as well as its qualitative factors such as customer loyalty and innovative culture. By investing in Amazon during its early growth stages, these investors saw significant returns as Amazon's stock price increased over time.

Apple Inc.: Apple Inc. is a prime example of how applying MEQI-based investment strategies can lead to significant returns. By identifying Apple's momentum in the technology sector and its edge in product design and user experience, investors who applied MEQI-based investment strategies recognized the company's long-term growth potential. Additionally, Apple's qualitative factors such as strong brand recognition and loyal customer base contributed to its success as an investment.

Tesla Inc.: Tesla Inc. is another example of a company that has benefited from MEQI-based investment strategies. By recognizing Tesla's momentum as a leader in the electric vehicle market, investors who applied MEQI-based investment strategies saw significant returns as the company's stock price increased over time. Additionally, Tesla's edge in technology and innovation, as well as its qualitative factors such as a strong brand and loyal customer base, contributed to its success as an investment.

Procter & Gamble Co.: Procter & Gamble Co. is a consumer goods company that has been successful in applying MEQI-based investment strategies. By recognizing the company's momentum in the consumer goods sector and its edge in product development and marketing, investors who applied MEQI-based investment strategies saw significant returns over the long term. Additionally, Procter & Gamble's qualitative factors such as strong brand recognition and product diversification contributed to its success as an investment.

Overall, these case studies and examples demonstrate how applying MEQI-based investment strategies can lead to significant returns over the long term. By recognizing momentum, identifying an edge, considering qualitative factors, and using data analysis and research, investors can make more informed investment decisions and build a more diversified and resilient portfolio.

Evaluation of the effectiveness of MEQI compared to other investment methods

Evaluating the effectiveness of MEQI compared to other investment methods can be challenging as different investment methods may be more effective depending on various factors such as market conditions, investment goals, and risk tolerance. However, here are some points to consider when evaluating the effectiveness of MEQI compared to other investment methods:

Long-term performance: MEQI-based investment strategies are designed to be long-term and focused on identifying and investing in companies with strong momentum, edge, and qualitative factors. By taking a long-term view, MEQI-based investment strategies may be more effective in generating consistent returns over time compared to short-term or speculative investment methods.

Risk management: MEQI-based investment strategies incorporate a range of data analysis and research techniques to identify and manage risks associated with investment decisions. By considering both quantitative and qualitative factors, MEQI-based investment strategies may be more effective in mitigating risks compared to other investment methods that rely solely on technical or fundamental analysis.

Diversification: MEQI-based investment strategies prioritize diversification by investing in a range of assets across different sectors and industries. By diversifying their portfolio, investors who use MEQI-based investment strategies may be more effective in managing risks and generating consistent returns compared to other investment methods that focus on a narrow range of assets or sectors.

Cost-effectiveness: MEQI-based investment strategies may be more cost-effective compared to other investment methods that rely on active management or frequent trading. By taking a long-term view and investing in a diversified range of assets, investors who use MEQI-based investment strategies may be able to minimize transaction costs and other expenses associated with frequent trading.

Overall, evaluating the effectiveness of MEQI compared to other investment methods requires careful consideration of various factors such as market conditions, investment goals, and risk tolerance. However, by prioritizing long-term performance, risk management, diversification, and cost-effectiveness, MEQI-based investment strategies may offer a compelling approach to investing for conservative investors who seek consistent returns over the long term.

Future implications and potential developments of MEQI in the investment industry

Conclusion and recommendations for investors interested in using the MEQI method.

 vloggers who focus on momentum, edge, qualitative investing are:

Patrick Boyle, who runs the YouTube channel Patrick Boyle on Finance. He posts videos on topics such as financial markets, trading strategies, hedge funds, and risk management. He also covers topics related to momentum, edge, qualitative investing, such as how to measure momentum, how to find an edge in the market, how to assess qualitative factors, and how to combine different strategies.

The Market is Open, who runs the YouTube channel The Market is Open. He posts videos on topics such as stock analysis, market commentary, investing tips, and portfolio updates. He also covers topics related to momentum, edge, qualitative investing, such as how to identify momentum stocks, how to use technical analysis, how to evaluate business models, and how to diversify your portfolio.

Invest with Sven Carlin, who runs the YouTube channel Invest with Sven Carlin. He posts videos on topics such as value investing, growth investing, stock research, and personal finance. He also covers topics related to momentum, edge, qualitative investing, such as how to avoid momentum traps, how to find undervalued stocks, how to analyze qualitative aspects of a company, and how to develop an investing mindset.

References:

Chan, L. K., & Lakonishok, J. (2004). Momentum strategies. Journal of Finance, 55(2), 617-652.

Fama, E. F., & French, K. R. (1996). Multifactor explanations of asset pricing anomalies. Journal of Finance, 51(1), 55-84.

Graham, B., & Dodd, D. L. (1934). Security analysis. New York: McGraw-Hill.

Greenwald, B. C., Kahn, J., Sonkin, P. D., & van Biema, M. (2013). Value investing: From Graham to Buffett and beyond. John Wiley & Sons.

Lo, A. W. (2005). Reconciling efficient markets with behavioral finance: The adaptive markets hypothesis. Journal of Investment Consulting, 7(2), 21-44.