1)) Now consider the past 6-month cumulative return measured at the end of June 1998 to select the top 3 winner stocks and the bottom 3 loser stocks. Form a portfolio of winners and a portfolio of losers at the beginning of July 1998 and compute the average future returns to these portfolios. Using the Fama-French model, estimate the risk-adjusted returns for the winner and the loser portfolios. Form a momentum portfolio starting in July 1998 and compute the average returns to this portfolio in the following 3, 6, 12 months. What do you notice? Estimate alphas and factor loadings from the Fania-French model for the momentum portfolio. Is there evidence of momentum prots