"You buy the winning industry, the momentum tends to continue, " Jegadeesh says.

FORBES: Magazine Article

In subsequent research Jegadeesh found the same phenomenon with industry groups.

FORBES: Magazine Article

In an influential 1993 paper Narasimhan Jegadeesh, now a professor at Emory University, showed that a so-called zero cost strategy of buying stocks with the best six-month performance and shorting stocks with the worst six-month performance returned 12% a year.

FORBES: Surfin' ETFs