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Grading the performance of market-timing newsletters

Publication ,  Journal Article
Graham, JR; Harvey, CR
Published in: Financial Analysts Journal
January 1, 1997
Published version (DOI)

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.

Duke Scholars

John R. Graham
Author John R. Graham Fuqua School of Business

Published In

Financial Analysts Journal

DOI

10.2469/faj.v53.n6.2130

ISSN

0015-198X

Publication Date

January 1, 1997

Volume

53

Issue

6

Start / End Page

54 / 66

Related Subject Headings

  • Finance
  • 3502 Banking, finance and investment
  • 3501 Accounting, auditing and accountability
  • 1502 Banking, Finance and Investment
  • 1501 Accounting, Auditing and Accountability
 

Citation

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Graham, J. R., & Harvey, C. R. (1997). Grading the performance of market-timing newsletters. Financial Analysts Journal, 53(6), 54–66. https://doi.org/10.2469/faj.v53.n6.2130
Graham, J. R., and C. R. Harvey. “Grading the performance of market-timing newsletters.” Financial Analysts Journal 53, no. 6 (January 1, 1997): 54–66. https://doi.org/10.2469/faj.v53.n6.2130.
Graham JR, Harvey CR. Grading the performance of market-timing newsletters. Financial Analysts Journal. 1997 Jan 1;53(6):54–66.
Graham, J. R., and C. R. Harvey. “Grading the performance of market-timing newsletters.” Financial Analysts Journal, vol. 53, no. 6, Jan. 1997, pp. 54–66. Scopus, doi:10.2469/faj.v53.n6.2130.
Graham JR, Harvey CR. Grading the performance of market-timing newsletters. Financial Analysts Journal. 1997 Jan 1;53(6):54–66.

Published In

Financial Analysts Journal

DOI

10.2469/faj.v53.n6.2130

ISSN

0015-198X

Publication Date

January 1, 1997

Volume

53

Issue

6

Start / End Page

54 / 66

Related Subject Headings

  • Finance
  • 3502 Banking, finance and investment
  • 3501 Accounting, auditing and accountability
  • 1502 Banking, Finance and Investment
  • 1501 Accounting, Auditing and Accountability