By |Published On: February 5th, 2021|Categories: Research Insights, Podcasts and Video, Media, Momentum Investing Research|

I was recently invited on the Excess Returns podcast with Justin Carbonneau and Jack Forehand. We discussed Momentum and Trend-following.


  1. In the conversation, I mentioned a post titled “Factor Investing and Trading Costs.” Here is the link to that article which examines the arguments about the true scalability of factor investing.

  2. Clarification–Around the 14-minute mark, I stated that the top 50 firms sorted on “EBIT/TEV” are in the 99th percentile on FCF/TEV, E/P, S/P–this is not exactly the case (an unnecessary exaggeration on my part), but they are most likely within the top 20% to 30% on those related metrics.

External link to the video here.

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About the Author: Jack Vogel, PhD

Jack Vogel, PhD
Jack Vogel, Ph.D., conducts research in empirical asset pricing and behavioral finance, and is a co-author of DIY FINANCIAL ADVISOR: A Simple Solution to Build and Protect Your Wealth. His dissertation investigates how behavioral biases affect the value anomaly. His academic background includes experience as an instructor and research assistant at Drexel University in both the Finance and Mathematics departments, as well as a Finance instructor at Villanova University. Dr. Vogel is currently a Managing Member of Alpha Architect, LLC, an SEC-Registered Investment Advisor, where he heads the research department and serves as the Chief Financial Officer. He has a PhD in Finance and a MS in Mathematics from Drexel University, and graduated summa cum laude with a BS in Mathematics and Education from The University of Scranton.

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