This episode argues against the efficient market hypothesis (EMH) by presenting a compelling case for momentum investing. The author recounts the story of Dee, whose simple, name-based investment strategy inadvertently created the world's first index fund, highlighting the importance of low costs and broad diversification. The text then explores the history of momentum investing, tracing its roots from classical economics to modern academic research, emphasizing its consistent outperformance despite skepticism from some within the academic community. Finally, the author examines various asset classes, recommending a focus on low-cost equity index funds and employing a dual momentum strategy to enhance returns and reduce risk.