Animal Spirits Podcast: Victory Capital's Lance Humphrey on Value and Momentum
In this episode of the Animal Spirits podcast, hosts Michael Batnick and Ben Carlson are joined by Lance Humphrey from Victory Capital to discuss why combining value and momentum factors strengthens strategies, red flags in quantitative due diligence, and optimal holding counts for active management.
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The US-based investment podcast 'Animal Spirits' aired an episode on October 19, 2026, titled 'Talk Your Book: The Case for Value and Momentum'. Hosted by Michael Batnick and Ben Carlson of Ritholtz Wealth Management, the episode features Lance Humphrey from Victory Capital as the guest.
According to the publisher's show notes, the discussion focuses on core issues in multi-factor investing. The guest and hosts explore why combining 'Value' and 'Momentum'—two factors traditionally seen as distinct or even opposing—often results in stronger strategy performance. Additionally, the episode covers 'red flags' to watch for when performing due diligence on quantitative strategies, and what constitutes the right number of holdings for an active management strategy.
It is important to note that this episode is sponsored by Victory Capital, which offers a suite of Value Momentum ETFs (including tickers like ULVM and USVM). Listeners should be aware of this potential conflict of interest or promotional context when evaluating arguments regarding the benefits of factor combination. Although a full transcript is not provided, the listed topics offer a specific framework for professional investors interested in factor investing, quantitative strategy screening, and portfolio construction.