# Buy High, Sell Higher | Travis Prentice on Dispersion, Passive's Structural Risk and Why 52 Week Highs Don't Mean What You Think

Page: https://stenobird.com/podcast/excess-returns-902655/buy-high-sell-higher-travis-prentice-on-dispersion-passive-s-structural-risk-and-why-52-week-highs-don-t-mean-what-you-think
Text version: https://stenobird.com/podcast/excess-returns-902655/buy-high-sell-higher-travis-prentice-on-dispersion-passive-s-structural-risk-and-why-52-week-highs-don-t-mean-what-you-think.md
Podcast: [Excess Returns](https://stenobird.com/podcast/excess-returns-902655)
Published: 2026-04-24T13:24:35+00:00
Episode link: https://podcasters.spotify.com/pod/show/excess-returns/episodes/Buy-High--Sell-Higher--Travis-Prentice-on-Dispersion--Passives-Structural-Risk-and-Why-52-Week-Highs-Dont-Mean-What-You-Think-e3iddr1
Audio file: https://traffic.megaphone.fm/APO6875880946.mp3
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Duration seconds: 3558

## Resource

This episode explores how massive structural shifts—AI, deglobalization, and the rise of passive investing—are reshaping markets and what that means for investors. Informed Momentum Company CIO Travis Prentice breaks down why 52 week highs don't mean what you think, the extreme dispersion beneath the surface of the market, why traditional definitions of risk may be flawed, and how investors should think about momentum, quality, and diversification in a rapidly changing environment. Papers and Resources Discussed: Risks Hiding in Plain Sight https://www.informedmomentum.com/risks-hiding-in-plain-sight-how-the-dominance-of-passive-investing-is-reshaping-market-risk/ Is Quality Broken? https://www.informedmomentum.com/is-quality-broken-ai-driven-disruption-is-testing-standard-definitions-of-quality/ Buy High, Sell Higher https://www.informedmomentum.com/buy-high-sell-higher/ Topics Covered: The hidden divergence beneath index performance and why the market isn’t as stable as it looks Why value and momentum are working together—and what that signals about market broadening How AI and deglobalization are driving a major regime shift in markets Why momentum investors ignore narratives and focus purely on what’s working The structural risks created by the rise of passive investing and index concentration How tracking error replaced real risk—and why that may be dangerous Why quality stocks (especially software) are under pressure in the AI era The key insight behind 52-week highs as a powerful momentum signal Why buying stocks near highs works despite investor intuition How momentum strategies adapt to changing leadership and market regimes The importance of combining factors like value, momentum, and quality for long-term success Timestamps: 00:00 Intro and major market shif…

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