paraphrase text According to the piece, "the most effective zero-cost strategy selects stocks based on their returns over the previous 12 months and then holds the portfolio for three months" . According to Jegadeesh and Titman's research, the best zero-cost strategy is one that holds the portfolio for three months after choosing companies based on their gains over the preceding twelve months. When there is no time lag between the formation and controlling phases, this approach produces an abnor