Today's Talk Your Book is sponsored by Nasdaq Dorsey Wright:

On today’s show, we discuss:

• Why momentum works as a behavioral factor even though it seems too simple

• Why selling discipline is harder than buying in a momentum strategy

• The interaction between momentum and value

• The history of Dorsey Wright and building a technical asset manager

• How momentum performed through a strong first half and recent volatility

Animal Spirits:

Charts:

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Disclaimers from Nasdaq Dorsey Wright:

Dorsey, Wright & Associates, LLC, a Nasdaq Company, is a registered investment advisory firm. Registration does not imply any level of skill or training.

Relative strength attempts to minimize exposure to underperforming positions, while overweighting outperforming positions. The methodology is rules-based and objective, using calculations derived from price data alone. For a description of the model universe, see DorseyWright.com.

Discussion of illustrative purposes does not represent performance of any recommendation past or present. Illustrations are generally not suitable for investment and do not consider fees, costs, or trade execution. The relative strength strategy is NOT a guarantee.  There may be times where all investments and strategies are unfavorable and depreciate in value.  Relative Strength is a measure of price momentum based on historical price activity. Relative Strength is not predictive and there is no assurance that forecasts based on relative strength can be relied upon to be successful or outperform any index, asset, or strategy. Past performance, hypothetical or actual, does not guarantee future results. In  all securities trading there is a potential for loss as well as profit. Indexes are unmanaged. It is not possible to invest directly in an index.