Good momentum, bad momentum

Old-timers who have followed Value Research for years or decades must be somewhat surprised at the topic of this month's cover story. There's no denying it - for long years, 'momentum' has been a dirty word in everything we publish and, certainly, in everything I write. In fact, if one classifies equity investing as fundamentals-driven or momentum-driven, practically everything I write and say about investing is anti-momentum. So yes, your surprise is justified. However, as the phrase goes, there's momentum, and then there's momentum. Our cover story is about momentum investing and not about momentum investing. Is that clear? Good. Let's delve a little deeper. The dictionary definition of momentum is "The force or speed of an object in motion, or the increase in t