Investors earn the carry as their return if spot prices do not change, and risk manifests through changing spot prices.5 Momentum and value, in contrast, aim to take advantage of those changes in spot prices —
momentum over the short run, and value over longer horizons.
Not exact matches
Even though the contest will still
run over 6 months [Corrected from 3 - 6 months — DM], the luck component is substantially reduced, even though results
over a
short time horizon are highly affected by luck and
momentum.