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Asness, Moskowitz & Pedersen (2013) show value and momentum premia—and their negative correlation—across markets and asset classes. Plain-language intro. Not investment advice.
Takeaway. Value and momentum are not US-equity curiosities—they show up across markets and asset classes, and their returns are often negatively correlated, which is why combining them is a classic diversifier story.
Value and Momentum Everywhere (Clifford Asness, Tobias Moskowitz, Lasse Heje Pedersen, 2013) is a must-read after-work map of two workhorse styles.
Fit for learners: Shows value/momentum premia and negative correlation across assets—must-read diversifiers.
This Hub note is a plain-language intro. Not investment advice. Pair with QMJ, TSMOM, and Jegadeesh–Titman.
Learners often code value or momentum in one equity universe and stop. They miss the portable, multi-asset evidence—and the portfolio logic that the two styles can hedge each other’s painful periods.
This paper teaches style thinking in panels: build two signals, plot both, then look at correlation of their toy PnLs. That mental model beats single-factor hero worship.
Tiny evening exercise: create two fake monthly series (value-like and momentum-like) with negative correlation; print rolling 12-month correlation—learning only.
Landing / DOI: Journal of Finance
Not investment advice. This Hub note is educational only. Value and Momentum Everywhere is academic research—not a recommendation to allocate to any style ETF or fund.
Single course CTA: SoloQuant Academy’s Introduction to Python Programming—tables and plots first; then multi-signal correlation notebooks become weekend projects.