Stephen Ye

Alan Kohler: So you are talking about momentum and value, perhaps we should start with defining the terms. What do you mean by momentum and what do you mean by value? Stephen Ye: That is a good question. I mean, Momentum, we look at it from a sort of a family perspective of really price momentum and it’s various measures, for example 6 month price momentum, 12 month price momentum etc. What we have found is the best measure of price momentum in Australia is a 12-month total return but excluding the last month. The reason that we exclude the

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