Grading the performance of market-timing newsletters

Published

Journal Article

Many investment newsletters offer market-timing advice; that is, they are supposed to recommend increased stock market weights before market appreciations and decreased weights before market declines. Examination of the performance of 326 newsletter asset-allocation strategies for the 1983-95 period shows that as a group, newsletters do not appear to possess any special information about the future direction of the market. Nevertheless, investment newsletters that are on a hot streak (have correctly anticipated the direction of the market in previous recommendations) may provide valuable information about future returns.

Full Text

Duke Authors

Cited Authors

  • Graham, JR; Harvey, CR

Published Date

  • January 1, 1997

Published In

Volume / Issue

  • 53 / 6

Start / End Page

  • 54 - 66

International Standard Serial Number (ISSN)

  • 0015-198X

Digital Object Identifier (DOI)

  • 10.2469/faj.v53.n6.2130

Citation Source

  • Scopus