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I've seen a vast spectrum of different market conditions over my three-odd decades investing, but this – right now – is one of the weirder markets and more bizarre economies I can recall ever experiencing.
Value, they tell me, is dead. I dispute that; I think uninformed, static stock-picking by large institutions is really what's "dead."
That said, it's undeniable that most value managers are sucking eggs right now.
As we've seen, normally, value and momentum trade off lead position in the "here's what's working" stakes; if one is working, the other usually isn't doing so hot, but will come into ascendance eventually.
But weirdly enough, there is no real reason to cheer in the momentum camp just now, either; most momentum managers are struggling.
I'm struggling, too. Specifically, I'm "struggling" to understand how momentum lags in a rising market, but it's there in black and white: Momentum is indeed lagging and has been all year.