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Dual Momentum Investing: An Innovative Strategy for Higher Returns with Lower Risk, by Gary Antonacci
PDF Ebook Dual Momentum Investing: An Innovative Strategy for Higher Returns with Lower Risk, by Gary Antonacci
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WINNER, Business: Personal Finance/Investing, 2014 USA Best Book Awards
FINALIST, Business: Personal Finance/Investing, 2015 International Book Awards
Dual Momentum Investing details the author's own momentum investing method that combines U.S. stock, non-U.S. stock, and aggregate bond indices--in a formula proven to dramatically increase profits while lowering risk. Antonacci reveals how momentum investors could have achieved long-run returns nearly twice as high as the stock market over the past 40 years, while avoiding or minimizing bear market losses--and he provides the information and insight investors need to achieve such success going forward. His methodology, supported by rigorous academic research, is designed to pick up on major changes in relative strength and market trend.
"This is an excellent book on the various forms of price momentum and why they work, including a very clever way to use them. I highly recommend investors read this book." - James P. O'Shaughnessy, author, What Works on Wall Street, Chairman and CEO of O'Shaughnessy Asset Management
- Sales Rank: #23380 in Books
- Published on: 2014-10-31
- Original language: English
- Number of items: 1
- Dimensions: 9.25" h x .85" w x 6.36" l, .92 pounds
- Binding: Hardcover
- 240 pages
Review
"Dual Momentum Investing is a must-read for individual investors and financial professionals." - Scott's Investments
"I ran the numbers for this strategy myself and they are quite impressive. The back-test makes sense, as do the behavioral reasons for the momentum factor." - A Wealth of Common Sense
"Gary Antonacci's Dual Momentum Investing provides both a fantastic introduction to momentum investing, as well as a sophisticated discussion of and an approach to achieving risk-managed exposure to the anomaly across asset classes." - Alpha Architect
"Antonacci's extensive research and his clear-headed thinking have led to a book that every investor should read...The practically oriented investor will find a road map for moving ahead and staying out of really big trouble." - Reading the Markets
From the Inside Flap
After examining more than two-hundred years of data across dozens of markets and asset classes, the conclusion is clear: Momentum continually outperforms. However, most mainstream investors haven't had a way to fully discover and implement the benefits of momentum investing . . . until now! Whether you're an independent investor, investment professional, or money manager, Dual Momentum Investing enables you to consistently profit on major changes in relative strength and market trend.
Based on the award-winning work of Gary Antonacci, an expert in modern portfolio theory and optimization, this groundbreaking guide presents an easy-to-understand, straightforward model that transforms momentum concepts into an actionable investing strategy called Global Equity Momentum (GEM). By combining relative-strength momentum and absolute momentum, this unique methodology lets you take advantage of intra-market trends while avoiding large drawdowns. A disciplined implementation of his proven strategy enhances the ability of every investor to:
* Lock in profits and mitigate risk with a minimal number of switches per year among U.S. equities, non-U.S. equities, and bonds
* Establish meaningful control over investment risk once an asset's value begins to decline
* Remove emotional and behavioral biases from your decision-making, while taking advantage of these same biases in others to achieve exceptional returns
Each facet of GEM is explained in simple clarity using the perfect amount of supporting theory, historical analysis, and understandable data. Pragmatic techniques come to life with real-world relevance that both deepens your understanding of why dual momentum works and better prepares you for using it with your own investments. From picking a cost-effective brokerage firm, to making asset choices, to customizing your strategy as you near retirement--this reliable guide helps you do it all with the confidence you'll gain through repeated success.
From the Back Cover
The strategy that consistently gets high returns with low risk--because it knows when to adapt
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"Gary Antonacci takes us on a comprehensive tour of investment methods, exploring their strengths and weaknesses and lays out a strong case for combining absolute and relative momenta. I consider Dual Momentum as an essential reference for system designers, money managers, and investors."
- Ed Seykota
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"Gary Antonacci's Dual Momentum is what happens when 'Ed Thorpe's Beat the Dealer meets Seth Klarman's Margin of Safety.' This is an ambitious and must-have book."
- Claude Erb, retired Managing Director, TCW Group, Inc.
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"Antonacci presents a clear and scholarly sound case for the success of a simple momentum based strategy. Give it a try; you'll be hooked!"
- John Nofsinger, Ph.D., Seward Chair of Finance, University of Alaska Anchorage,� author of The Psychology of Investing
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"A treasure of well-researched momentum-driven investing processes. Antonacci clearly shows a number of different methods that anyone who is serious about a long-term strategy will find easy to implement. This is one of those five-star books; it is logical and easy to grasp."
- Gregory L. Morris, Chief Technical Analyst and Investment Committee Chairman, Stadion Money Management, LLC, author of Investing with the Trend
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"A must read for both individual investors as well as financial advisors. It will forever change the way you think about developing investment and asset allocation strategies."
- Dr. Bob Froelich, retired Vice Chairman, Deutsche Asset Management
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"An achievement in simplicity and common sense. Investors could greatly improve their returns with a few ETFs and the back of an envelope. I also found value in the background material."
- Perry Kaufman, Managing Director, Kaufman Analytics, Ltd., author of Trading Systems and Methods, Fifth Edition
Most helpful customer reviews
98 of 106 people found the following review helpful.
A better way to invest
By Gagandip Grewal
I have been following Gary's work for almost 3 years now while researching several trading systems. He has been very helpful responding to all my questions and I've learned a great deal from him. It was especially nice to read about Gary's interesting finance career in this book. His network, experience & education made him the right person to discuss the wide range of topics & history he covered.
As the name suggests, this book is about Momentum Investing: the idea that markets with strong relative strength continue outperforming in the short-term while weak markets continue to underperform. The author makes a very compelling case for why momentum is the "premier" anomaly for outperforming the broad market indices.
He does this with a logical flow of ideas that are backed with a great deal of research every step along the way. The book starts by building a foundation with history and finance concepts, then explores all the various funds and alternative strategies out there before discussing what momentum is in detail. By looking at the alternatives, the reader appreciates why momentum stands out.
The author has an excellent writing style. Finance books can get very dull, but Gary's humor and storytelling made the book enjoyable to read. Here is a summary of what I took from this book:
In Chapter 1, Gary acknowledges that indexing beats the average investor since it is more diversified, disciplined and lower cost. This helps supports the idea that markets are efficient. However, while it's hard to beat indexing it's not impossible. You just need a systematic approach (to remove your emotions) that's been thoroughly tested and minimizes costs. Chapter 2 shows this with a historical tour of traders that successfully used momentum to generate excess return for over a century.
Chapters 3-4 discussed concepts from Modern Finance in detail, which can be tough to follow if you don't have a finance background. I really enjoyed the discussion of Behavorial Finance in chapter 4. Investors' emotions cause them to buy and sell at the wrong times and are largely what cause markets to be inefficient. Anomalies like momentum should persist as long as humans have emotions.
Chapters 5-6 discussed the investment landscape. It was shown that stocks have been the best performing asset class (especially US equities) followed by bonds. Gary then discussed other vehicles such as mutual funds, hedge funds and alternative strategies such as "smart beta." It was shown how these vehicles have (on average) underperformed market indices. The number of vehicles and strategies out there today is mind blowing. These 2 chapters can save readers years of frustration.
Chapters 8-10 discussed the Dual Momentum strategy. Gary explained in detail what absolute vs. relative momentum is, how using both enhances his strategy and all the variations to his method that he explored. Backtest results for all permutations were presented in clear, organized tables & charts.
In closing, dual momentum is a premier investment strategy with these benefits:
- 17% CAGR with a 0.9 Sharpe Ratio over last 40 years
- Robust in all market environments (up, down, sideways)
- Persistent over long-run (excess returns since 1800s)
- Systematic (eliminates your emotions and second-guessing yourself)
- Very easy to implement & requires little time (simply glance at one chart, once a month)
- Highly diversified: Uses broad-market ETFs, eliminating company-specific risk
- Ultra low cost: Uses very liquid ETFs (low bid-ask spreads) with low MERs (
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