Tobias Moskowitz

Tobias Moskowitz is a professor at Yale School of Management and previously held the Fama-Miller Chair at the University of Chicago Booth School. His research on momentum — particularly the paper "Momentum" with Mark Carhart and AQR colleagues — and "Time Series Momentum" with Lasse Pedersen have been foundational for trend-following strategies. Moskowitz also co-authored "Scorecasting" applying quantitative sports analytics to challenge conventional sports wisdom. He advises institutional investors on factor-based strategies and is one of the most cited researchers in empirical finance. His research on cross-asset momentum — documenting that time series momentum works across equity indices, fixed income, currencies, and commodities — provided the academic foundation for managed futures strategies that diversify across asset classes using trend-following signals. His work with AQR on the diversification benefits of trend following during equity bear markets showed that trend strategies tend to generate positive returns precisely when equity portfolios suffer the largest losses, making them a natural hedge within a diversified institutional portfolio.