The trend underscores the heightened anxiety that investors have concerning the stock market's future.
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But after quantitative strategists at Nomura peeked beneath its surface, they concluded that investor fears about risks — not their bullishness — explains the outperformance. To understand how risk aversion is driving momentum's success, Mezrich distinguished between the basket of stocks that investors are buying and the basket they're betting against . He found that the excess returns of both baskets were similar until May.
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