Dual Momentum
How Bonds Can Outperform Stocks Long Term
I have never been a big fan of the bond market. From 1900 through 2022, the annualized real return of long-term U.S. government bonds was
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I have never been a big fan of the bond market. From 1900 through 2022, the annualized real return of long-term U.S. government bonds was
In 2013, I created my Global Equities Momentum (GEM) model. It holds U.S. or non-U.S. stock indices when stocks are strong and uses bonds as
Those who have read my momentum research papers, book, and this blog should know that simple dual momentum has handily outperformed buy-and-hold. The following chart
Gogi Grewal CFA is an analyst who has been following my work for years. He has an excellent grasp of dual momentum. Since Gogi lives
Years ago when I first started studying momentum, two things stood out to me. The first was that most momentum research focused on cross-sectional stock
