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To: Chuzzlewit who wrote (12422)	1/12/2000 9:19:00 AM
From: GVTucker	Respond to of 21876

slightly OT, RE: momentum There's an interesting article in the most recent Financial Analysts Journal entitled "The Profitability of Momentum Strategies." In a nutshell, the article uses 20 years of data to prove that using price/earnings momentum is profitable even for time horizons as long as 1 year, as long as transaction costs are closely monitored. The funny thing is that about 15 years ago, a very similar paper was published that reached the exact opposite conclusion, that momentum was a losing strategy for any time horizon longer than 1 hour. So if you think that the world has changed and the market has changed with it (because of the 'Net, technology, et. al.) then perhaps momentum (i.e. CSCO) is indeed the way to go. Of course, I don't think the world has changed.