Information Technology was the top-performing sector in 2020, up 44%, while Momentum (up 28%) was the second best-performing factor. These two results are reminiscent of the bubble we experienced two decades ago.
But the Tech sector of today is not your father’s Tech sector. Similarly, we can analyze the market from a factor perspective and look at the characteristics of Momentum today versus in the late 1990s. In several respects, the differences outweigh the similarities.
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