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I'd argue most forms of quant value and trend following have a similar property. Value is a risk premium and trend following (on average) provides the service of taking on price risk from hedgers, but they both also had had genuine alpha in the past which is largely
absent today. For these strategies in particular past performance is not a guide to future returns.
(Also if you are looking at a backtest of these strategies rather than a live track record there is a ton of "data mining alpha" but that's a separate topic)
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