Chased last year's best factor.
Lost to owning all five.
58
Bought last year's winning factor . pct over 5Y
vs
72
Held all five equal weight . pct over 5Y
A friend pinged me a screenshot of last year's factor leaderboard. Momentum on top, value at the bottom. He wanted to rotate his money into the winner. I asked him to do one thing first. Hold the leaderboard up against the year before. The top tile kept moving.