Chris Dillow's Benchmark Portfolio

So far, 2022 has been a bad year for almost all stock-pickers, and especially some defensive ones

Defensive and momentum stocks did badly in 2021, which poses the question: has their long-term outperformance disappeared for good?

Momentum and defensive investing have for years done well. It's not so obvious, though, that momentum will continue doing so

Loser stocks have bounced back strongly recently. Don't expect them to continue to do so.

Momentum investing has done badly so far this year. This could be another Covid effect, rather than the death of a great strategy

2020 continued the great long-run performance of defensive and momentum investing

Momentum and defensive stocks have done well in recent weeks – as economic research suggests they do

High beta and recovery stocks have done well recently. But these are not good long-term investments.

Defensive stocks did very well in 2019. This is not as surprising as it seems