Trading Strategies

Does Momentum Investing Work? 99 Years of US Data, Including the Crashes

From 1927 to September 2026, the tenth of US stocks with the best past year returned 16.9% a year before costs, against 10.3% for the market. Winners minus losers earned 7.4% a year, but lost 74% in July–August 1932, 58% in 2008–09, and has not regained its November 2008 peak.

Nov 3, 202612 min read

Investment Strategies & Instruments

Which Algorithmic Trading Strategies Are Actually Profitable? Evidence, Costs and a Backtest (2026)

No algorithmic trading strategy is profitable in itself. Trend following, momentum, mean reversion and pairs trading each have published evidence, but whether an edge survives depends on costs, capacity and out-of-sample testing. On 33 years of SPY data, a breakout rule this article once recommended returned 3% a year; a 10-month moving average kept most of the index return at half the drawdown.

Nov 14, 202522 min read

Does Momentum Investing Work? 99 Years of US Data, Including the Crashes

Which Algorithmic Trading Strategies Are Actually Profitable? Evidence, Costs and a Backtest (2026)

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