Yes, thank you both for clarification. One more thing I wanted to say: although I got slightly worse results backtesting dual momentum strategy described in the book (might be my mistake) and despite the fact that it hasn't been performing that well recently, it's definitely worth reading just to learn more about momentum ("the premium anomaly":)), index funds, actively managed funds, their real edge etc.

Also, dual momentum is very long-term strategy. Using somewhat shorter lookback period might help but probably at the expense of annual return.