The literature has long debated the co-existence of intermediate-term momentum and long-term return reversals. Recent studies propose several theories to isolate momentum from reversals. This paper provides comprehensive analyses to examine whether intermediate-term momentum and long-term return reversals are really separate phenomena. We show that although these theories all capture a significant fraction of stock returns, the standard Jegadeesh–Titman momentum strategy still generates significant profits in the intermediate term, which are followed by long-term reversals after controlling for these alternative effects. Thus, the co-existence of intermediate-term momentum and long-term reversals remains a distinct phenomenon that is independent of recent theories.