Grading the performance of market-timing newsletters
Journal Article (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