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Mark Hulbert

author Image Mark Hulbert is editor of the Hulbert Financial Digest, a newsletter that ranks the performance of investment advisory newsletters. It is published monthly and is located at 5051B Backlick Rd., Annandale, Va. 22003; 703/750-9060.

Articles by this Author

Area of Expertise: performance of investment advisers

Website: www.marketwatch.com/hulbert

Books: "The Hulbert Guide to Financial Newsletters" and "Interlock: The Untold Story of American Banks, Oil Interests, the Shah’s Money, Debts and the Astounding Connections Between Them"

Topics Presented in Speeches: lessons learned from which investment strategies have worked, and which have not worked, over the long term

Email: mark.hulbert@dowjones.com

Mark Hulbert is editor of The Hulbert Financial Digest (HFD), which has rated the performance of investment newsletters for more than 30 years. In 2002 the HFD became a service of MarketWatch. Since then, in addition to continuing to edit the monthly HFD newsletter, Hulbert has written a three-times-a-week investment column for the MarketWatch website. From 1998 through early 2010, Hulbert wrote a column on investment strategies for the Sunday New York Times.  For the 11 years before that, he was a columnist on the same subject for Forbes magazine. Hulbert has co-authored two books: “The Hulbert Guide to Financial Newsletters” (Dearborn, 1993) and “Interlock: The Untold Story of American Banks, Oil Interests, the Shah’s Money, Debts and the Astounding Connections Between Them” (Richardson & Snyder, 1982).

Articles by this Author

  1. Investment Newsletters »

    Newsletter Sentiment: It's the Degree of Agreement That Counts

    Rather than concentrate on the average recommendation among newsletters, new research focuses on the degree of dispersion among their various recommendations, which may be correlated with very short-term market phenomena.

    September 2002 | Journal

  2. Investment Newsletters »

    Analysts vs. Newsletters: Whose Recommendations Are Best?

    Wall Street's aversion to the word "sell" may be no more pernicious than grade inflation. Virtually no college student today is given a grade below a C. But few are fooled: Most know that a C is a failing grade.

    June 2002 | Journal

  3. Investment Newsletters »

    Predicting Market Directions: The Myth of the Five-Day Index

    Many advisers subscribe to the belief that if the first five trading days of the year produce a gain, the year as a whole will be bullish, too. But is it grounded in historical fact? How certain beliefs take on a life of their own.

    February 2002 | Journal

  4. Features »

    Outrageous Advertising: A Survival Guide for Investors

    Investment Newsletters: You wouldn't believe a used car salesman who claimed that an old car had only been driven to church on Sundays. Yet many investors paid good money to a newsletter that claimed it turned $10,000 into over $40 million in 13 years.

    September 2001 | Journal

  5. Features »

    How to Know When to Let Go When Your Advisor Starts to Lag

    Investment Newsletters: Most investors have no contingency plan for how to react if their chosen advisor doesn't perform as hoped. It's difficult to analyze your portfolio dispassionately and objectively once you have lost a lot of money.

    June 2001 | Journal

  6. Features »

    Trading Versus Holding in a Roller-Coaster Stock Market

    Investment Newsletters: An examination of trading performance indicates that you can better capture the value of an investment newsletter's advice by ignoring its shorter-term trades and treating its current recommendations as longer-term advice.

    February 2001 | Journal

  7. Features »

    Investment Newsletters On-Line: No Real Performance Edge

    Investment Newsletters: Data and screening tools offered at newsletter Web sites empower the individual investor. But faster communications hasn't translated into a better performance by their stock-picking advice.

    September 2000 | Journal

  8. Features »

    How Newsletters Stacked Up Over the Last 20 Years

    Investment Newsletters: There is one characteristic that distinguishes the top performers: Discipline. They were willing to stick to their strategies during the discouraging interludes in which they were lagging the market or even losing money.

    June 2000 | Journal

  9. Features »

    Performance Components: Investment Policy Is Key

    Investment Newsletters: A portfolio's performance is a function of three factors: investment policy, market timing, and security selection. A study of newsletters indicates which factor contributes the most to a portfolio's bottom line.

    February 2000 | Journal

  10. Features »

    Why Last Year's Winners Falter: A Behavioral Explanation

    Investment Newsletters: When investors start outperforming most competitors, it's all too easy to become overly confident in our abilities, with a subsequent tendency to trade more frequently and incur greater risk.

    November 1999 | Journal

  11. Features »

    The Folly of Picking Advisors Based on Short-Term Returns

    Investment Newsletters: Investors who are obsessed by the short term can't leave their portfolios alone. They invariably become more active traders, to the detriment of the performance of their portfolios.

    September 1999 | Journal

  12. Features »

    Watch What Newsletters Do, Not What They Say They'll Do

    Investment Newsletters: Although many newsletters say they are value-oriented, the data indicates they are more growth-oriented, probably because their editors, like us, find it easier to buy stocks that are currently in fashion.

    July 1999 | Journal

  13. Features »

    Can Investment Newsletters Successfully Time the Market?

    Investment Newsletters: Most market timers do reduce stock market risk, although often the expense is lower returns. A smaller, but not insignificant, number of market timers beat the market on a risk-adjusted basis over the long term.

    April 1999 | Journal

  14. Features »

    Investment Approaches: Picking a Value-Oriented Adviser

    Investment Newsletters Column: Value stocks have outperformed growth stocks over the long term, but putting the value approach theory into practice is easier said than done. How to choose a value adviser.

    November 1998 | Journal

  15. Features »

    Newsletters vs. Funds: Which are the Better Performers?

    Investment Newsletters Column: Newsletter performance: How winners and losers in the newsletter arena stock up against those of the mutual fund industry.

    September 1998 | Journal