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Dual Momentum Investing: An Innovative Strategy for Higher Returns with Lower Risk

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4.08  ·  Rating details ·  396 ratings  ·  27 reviews
"The investing strategy that famously generates higher returns with substantially reduced risk--presented by the investor who invented it" "A treasure of well researched momentum-driven investing processes." Gregory L. Morris, Chief Technical Analyst and Chairman, Investment Committee of Stadion Money Management, LLC, and author of "Investing with the Trend"

"Dual Momentum
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Hardcover, 1st, 256 pages
Published October 31st 2014 by McGraw-Hill Education
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Average rating 4.08  · 
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Bill Krieger
May 21, 2015 rated it really liked it

QOTD1

Simplicity is the ultimate sophistication.

- Leonardo da Vinci


One more... this funny little gem comes out of nowhere.

QOTD2

In the words of Richard Driehaus, "The stock market is like a woman. You observe her. You respond to her. And you respect her." That is not as easy as it sounds. Just ask my ex-wife.

- Gary Antonacci, Dual Momentum Investing


(rim shot, he he!)


This is a good investment book. I am a BIG momentum and relative strength guy. The most positive aspect of the book is its simplicity
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Raj Rajkumar
Nov 16, 2014 rated it it was amazing
Shelves: quant-finance
An elegant survey of modern financial theories and a deep-dive into one 'simple' innovation (dual momentum) that appears to outperform established investment strategies. Succinct yet comprehensive, and a compelling read. ...more
Taylor Pearson
I've gotten interested and started using different trend following approaches in my investments. Trend following is a particular strategy that seems somewhat counterintuitive - you buy when things are going up and sell when they are going down.

However, it has one major thing to recommend it: it doesn't experience large losses. By selling when markets trend lower, trend approaches can miss out on gains, but protect investors from large losses.

This intuitively makes sense to me from a risk managem
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Christine
Jun 12, 2015 rated it really liked it
This is a very interesting strategy that's been tested over many decades. I wish I had noted that there was a glossary at the end. Some of the jargon threw me and I couldn't read the charts on my Kindle. But well worth reading. Now I've got to try it out! ...more
Stevewilliams27
Aug 10, 2015 rated it really liked it
Easy read, well documented and backed up with facts. Counter intuitive to 'buy low sell high' value investing. Will be referring back to this book regularly. ...more
Vitalijus Sostak
Apr 29, 2020 rated it liked it
Every investor is required to have a solid understanding of both value and momentum.
This book is a solid practical writing - both what momentum is and how to apply it in a portfolio (without going into complex statistical models).

Two thoughts:
- 2/3 of the book is a lengthy introduction into the topic of asset price momentum: origins, history, how it relates to modern portfolio theory etc. While interesting for some readers, many would be served well jumping right into the meat: chapters 7 and 8
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Asif
Feb 17, 2018 rated it really liked it
The first part of the book was a great recap of all the major discoveries in the field of finance and investing. The second part is the actual strategy to follow.

Since I read a couple of other books on momentum, the strategy in its core looked quite similar to others. Each author that I read had his own way of calculating relative momentum and having a filter criteria which some defined as a Moving Average or in this case absolute momentum. Despite the different jargon they are actually the sam
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Worakan Vongsopanagul
Sep 18, 2020 rated it really liked it
Shelves: investment
There is plenty of research including references for momentum investing. A very good introduction for someone who wants to build an investment strategy.
This dual momentum investing is a simple strategy but very solid in implementation.
InvestingByTheBooks.com
Aug 20, 2018 rated it really liked it
This is not a text on stock picking strategies as I mistakenly assumed; it’s a book on asset allocation using momentum strategies. Gary Antonacci with a background in as diverse areas as the US Military, Harvard Business School and touring as a comedy magician, is a pioneer in developing derivate-based investment strategies. Here he’s written a book aiming to take the academic underpinnings of momentum strategies and show how these can be profited from. The proposed strategy called Global Equiti ...more
Dennis Podryadchikov
Nov 14, 2017 rated it it was amazing
Shelves: investing
To invest, one needs a strategy. A simple one is the three-fund-approach by the bogleheads on the related forum. A different kind of strategy is Dual Momentum by Gari Antonacci. In his book, Antonacci offers what he calls "a do-it-yourself" easy approach to investing based on his research going all the way back to turn of the previous century. Step by step, the book outlines ideas and methods to approaching two simple tools, relative and absolute momentum, which Gary combines in what he calls th ...more
Henry
The author presents an intriguing investment strategy which potentially offers advantages over the traditional 70/30 index fund approach. I 19m not sure there was really enough material for an entire book, but that 19s not why you buy a book like this anyway.
CLIFTON L PARKER IV
Great

The book is a home run. Loaded with facts, stats, history, comparisons, and interesting stories like the guy who supported the random walk theory of markets who gave his money to Buffett to trade. A must read for traders who need to be investing.
Jon
Apr 13, 2015 rated it it was amazing
Great writing. Relatively short, to the point and with plenty of relevant data to back up the theory.
Josh
Jan 04, 2015 rated it really liked it
The ideas and content are quite good, and the book is well researched and well argued. The only trouble is that the actual "how to" isn't laid out very well. ...more
Dave
Jun 14, 2017 rated it really liked it
Pretty good book for a financial book. THe approach is interesting and there are a few web sites you can back test the approach and see if it works for you.

I liked the discussion of other investing options and approaches, and thought that was well done.

As usual though, the book is a bit of a tease - introduces the concept and gives a simple example to follow, and then the usual "at my firm we have a more complex model that we feel does better, etc etc etc". Then again I understand it is the auth
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Steve
Apr 22, 2020 rated it it was amazing
I came into this book being extremely skeptical of using any "price action" or technical analysis in a strategy, and this book convinced me I need to look more into momentum.

The book provides a unique look at absolute momentum and a absolute/relative momentum strategy (dual momentum) that appears quite promising.

I am skeptical of strategies that advertise all the advantages and limit discussion on the unique risks of a strategy. I would like to see more independent stress testing of this strat
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Stephen J
Jun 07, 2020 rated it liked it
Momentum strategy is a long term strategy, we are talking ten to twenty years. For me the effort to study this companies in depth; and I believe I would still not be sure I am doing it correctly, is not worth the increase in revenue. I may believe I am just in a down cycle and not find out I invested in the wrong company for ten to fifteen years. For me the cost to effort ratio, makes more sense to invest in a mutuel fund.
Ashfaque Reza
Dec 28, 2018 rated it it was amazing
This is the first book I have read relating to Momentum investing world.

In the beginning of the book the author illustrated a Brief overview of the history where he pointing out how concept emerged. Although, the concept is totally contrarian to buy low and sell high. The strategy and concept is very interesting and relevant in the practical world.

Overall its a very good read.

徒風
Jun 08, 2019 rated it did not like it
Shelves: aborted
Seeing all those 5-star reviews, I was shy to give my opinion. But, here I am.

At first, I liked this book because it is thin.
Then, while reading it, I started to think: How come there are so many filler even in a thin book like this?

I don't know how to use the approach described in this book, if there was one.
Conclusion: I wasted my money.

p.s. I was reading Chinese version.
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Piotr Karaś
A solid body of work on how to invest profitably long-term based on the relative and the absolute momentum. A complete explanation of several investing strategies, including not just the momentum related, but also risk parity, managed futures, hedge funds etc.
Karanvir Buttar
Aug 07, 2020 rated it it was amazing
Great read
Kind Sir
Jan 16, 2019 rated it really liked it
Great information on investing for those who want to keep it simple and get good returns.
David Shepherd
Jan 16, 2019 rated it it was amazing  ·  review of another edition
Shelves: read-growth
*Before Reading Notes*
I’m reading this book because Dad highly recommended it, I'm reading about investing right now, and I'd like to learn anything I can that I can apply to my systems.

*After Reading Summary*
Summed up in three sentences or less, the wisdom of this book is this: Dual momentum, whereby there is a risk-off trigger is essential to any model. Some of the common wisdom in investing (e.g. factors, etc.) doesn't prove out when tested and doesn't apply anymore, however, momentum is th
...more
Paul Barnes
Dec 27, 2017 rated it really liked it
Shelves: finance, trading
A detailed build up of the evidence for the out performance available from a momentum or trend -following approach. Essential reading for the buy-and-hold brigade.
Linda
Jun 02, 2016 rated it liked it
This book presents some clear ideas on how to use momentum to minimize risk in investing however, it stops short of providing the practical details needed to really implement it. Much of the data he uses is based on indices and, as such, doesn't represent something one can actually invest in. While ETF's do cover those indices now, their history is relatively short.

Overall, I think it's worth reading but don't read too much in to it. This works best when using two or three ETF's that are not str
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Julia
Nov 11, 2015 rated it did not like it
I must be too daft to appreciate this book. Just what is the methodology and how do we replicate it in practice? Let me read it again.
Francisco Brito
rated it it was amazing
Feb 03, 2020
Ghost
rated it really liked it
Nov 06, 2017
Brian Shaw
rated it it was amazing
Oct 15, 2015
Steve Cone
rated it it was ok
May 10, 2018
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Gary Antonacci has over 40 years experience as an investment professional focusing on underexploited investment opportunities. His innovative research on momentum investing was the first place winner in 2012 and the second place winner in 2011 of the Founders Awards for Advances in Active Investment Management given annually by the National Association of Active Investment Managers (NAAIM).

His res
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“Under the tenets of behavioral finance, markets are not always efficient. It is human behavior that moves markets and not the universal information shared by market participants.” 1 likes
“In the words of Richard Driehaus, "The stock market is like a woman. You observe her. You respond to her. And you respect her." That is not as easy as it sounds. Just ask my ex-wife.” 0 likes
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