This week we share our Q1 2020 Investor Letter.
Sometimes things go right.
Sometimes things go wrong.
Sometimes, it's both.
We discuss lessons learned from Q1 and how those lessons will influence our process going forward.
I hope you enjoy.
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What We're Reading
→ AT THE INTERSECTION: "In particular, U.S. 'overlapping' momentum stocks - stocks that are in the intersection of the 6-month and 12- month momentum portfolios - display superior medium-term returns to the momentum strategy that neglects the overlap. The differential returns of the 'overlapping' momentum portfolio are robust to the inclusion of a broad set of risk factors and interpretations." Overlapping Momentum Portfolios