I think the opposite of every you said. Short term factors are far more predictable, with less noise, but this is only true if you trade defined situations and

I think the opposite of every you said. Short term factors are far more predictable, with less noise, but this is only true if you trade defined situations and have good understanding of counterparties. Noise really isn't much of an issue except for illiquid stocks. The rest have highly correlated movements and random noise averages out anyways.