https://www.ft.com/content/75f3ed84-62ae-4cb4-947f-bd7e7559148

1t turns out that Hype is the missing factor in factor investing. With all the hype given to factor investing is turns out that "Hype" may be the most important overlooked factor. The factors that have received the most attention include Value, Small Size, Low Volatility, High Yield, Quality , and Momentum. However, as this article makes clear, hype, in the form of inclusion in a hyped up acronym (the current unfavorite being FAANG) may explain more of the difference between stocks than these factors combined. It is also noteworthy that Hype is a "behavioral" factor, having no role to play in "rational" economic actor models, giving a clear leg-up for behavioral finance model of economic decision-making.