$MU

Animal Spirits When momentum factor is working, own momentum. Knowing where to find them, and what’s working is hard. People often buy momentum after it is too late or mature. This is a screenshot of the current holdings of our ‘S&P Triple Momentum’ strategy. It owns $HPE which reported today and is up 30%. We bought this at the suggestion of this strategy (and doing our research on it). It also owns a cybersecurity name. You can see the historical performance before transaction costs. (Momentum strategies also have higher turnover.) Overall, these continue to do well ‘out of time’. Incidentally, one of the other strategies ‘Cheap Stocks in QQQ’ found $MU sometime last year. Our team each day is now reviewing ideas from these strategies. It makes life a lot easier, a