Before revision:  We conclude our study by applying our momentum strategy to the entire data set in order to contrast the difference between the stationary and the non-stationary data. Empirically, for the non-stationary data, we find damped oscillations for very long look-back periods which we model as a reversal to the mean growth rate.
After revision:  We conclude our study by applying our momentum strategy to 100 plus years of the Dow-Jones Industrial Average. We report damped oscillations on the IR for look-back periods which we model as a reversal to the mean growth rate.