Too Long; Didn't Read
Only momentum investing has made money since inception, while all other investment styles have lost money. Small cap (altcoin overweight) has outperformed the market initially and then underperformed. Momentum strategies became famous, because they were able to replicate call options for a lot less (see Hurst et al. 2013) The cost to replicate the call option with a momentum strategy is about 10% per year, so in fact eight times cheaper than an outright call option (see below) The investor in this strategy is not fully hedged when the market sells off. However, momentum strategy has worked well in larger sell-offs and reduced risk to about 10%.