I just read todays update. I smiled when I read this as it is the essence of what I am trying to do too. That’s a big big problem. Momentum works because by riding the winners you are holding the hot coins. But nobody likes a losing coin, so holding them is likely to underperform the market. For a neat illustration this is a chart of two different stock trading systems going all the way back to 1800. Trading system rules: System 1: On the first day of the month list all the stocks traded, ranked by the last 12 month returns. Buy the top 1/3, equally weighted.