Investors tend to associate momentum with growth stocks. If you try to name a typical momentum stock off the top of your head, you will probably think of names like Google or Facebook or Amazon. And that is especially true when we have gone through a growth dominated period like we have in the past decade.

But the reality is that momentum doesn't care about growth. It doesn't care about value either. It also doesn't care about quality. All it cares about is that a stock's price has gone up. 

In this episode, we look at why momentum is a chameleon, and why that fact can make it challenging to follow for many investors. 

We hope you enjoy the discussion. 

ABOUT THE PODCAST

Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.

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