We report strong evidence that changes of momentum, i.e. "acceleration", defined as the first difference of successive … momentum-sorted portfolios entirely but not the reverse. Thus, momentum can be considered an imperfect proxy for acceleration …, and its success can be attributed to its correlation to the predominant Γ-factor. Γ-strategies based on the "acceleration …

achieved through inflation/deflation acceleration. Unemployment homes in on its "natural" equilibrium level only if the market …