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Let’s take for example the age gap between someone born on April 17 1990 and someone born on August 29 1994.

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Momentum is perhaps the most vexing market anomaly because it exists, but normative models for rational agent behavior cannot explain why it exists.

Behavioral economics is just beginning to uncover the nexus of human irrationality which causes people to "buy higher" and "sell lower" -- presumably the roots for the momentum phenomenon.

Although FF does not question the premise of market efficiency, it simply shows that efficient portfolios cannot possibly be those implied by CAPM. Many parents want to know, “What causes my child to feel so sad , lonely, depleted, apathetic, or angry?! I see many kids and teens that suffer from Depression, bipolar disorder, and borderline personality traits in therapy.Emotional invalidation is when a person’s thoughts and feelings are rejected, ignored, or judged.Invalidation is emotionally upsetting for anyone, but particularly hurtful for someone who is emotionally sensitive.More recently, Stochastic Portfolio Theory (SPT), which converges with continuous optimal Kelly under certain special cases, also shows that market weights cannot possibly be the optimal mix with some light assumptions.