This episode argues against "smart beta" investment strategies, highlighting their high costs and lack of consistent outperformance compared to simpler, lower-cost alternatives. The text then introduces and advocates for "dual momentum," a strategy combining relative and absolute momentum to achieve higher returns with reduced risk. Dual momentum is presented as a robust, adaptable approach, superior to traditional methods and capable of mitigating investor behavioral biases. The author provides empirical data and various model comparisons to support their claims, ultimately proposing "Global Equities Momentum" (GEM) as a practical and effective implementation of this strategy.