We study Billionaires and this is episode 123 of the Investors Podcast.

Broadcasting from Bel Air, Maryland. This is the Investors Podcast.

They'll read the books and summarize the lessons. Don't test the waters and tell you what it's called.

They'll give you actionable investing strategies.

Your host Preston Pish and St. Broderson.

All right. How's everybody doing out there? This is Preston Pish and I'm your host for the Investors Podcast.

And as usual, I'm accompanied by my co-host St. Broderson, out in Seoul, South Korea.

And we are back with the second part interview with Wesley Gray.

And Dr. Gray comes to us with a wealth of information and experience.

And he understands value investing, momentum investing.

He's written four books. If you didn't catch our first part interview with Wes last week, which was episode 120,

you really need to go back and start there before you listen to this episode because you're going to be coming into the middle of a conversation.

And some of it's not going to make sense. And if you're a hardcore value investor like myself, you might come in a little biased and not really understand the full context of what it is that we're discussing.

So I'd really challenge you to go back and listen to the previous episode before listening to this one.

So Wes, let's go ahead and pick up where we left off and stick as the first question.

Wes, investors might be interested in momentum investing, but for various reasons, because due to perhaps the cost structure,

there might not be inclined to own a large basket of stocks. And they might also like the process of conducting research on the individual stock picks.

So the thing I'm curious about is does it make sense for the investor to spend time on individual momentum picks to improve returns?

And if so, how would he or she look at the individual pick?

Well, so if you're trying to develop a basket of momentum stocks to capture momentum exposure, there's no evidence whatsoever that I've ever seen where if you kind of like want to look at quality,

let's say like we see some high momentum names and we want to go in there and try to pick the highest quality based on some fundamental analysis.

The cold heart truth as far as we see it in what the data says is fundamental analysis does not matter when it comes to momentum.

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