Table 1. Investment Newsletter Performance: June 30, 1980, to May 31, 2008
Newsletter Editor Web Site/Telephone # Performance
(6/30/1980 to 5/31/2008)
Annualized Gain
(%)
Risk: Avg Monthly Variability* Risk-Adj Perf**
No Load Fund*X Janet Brown www.fundx.com 14.5 103.0 124.3
Value Line Investment Survey Harvey Katz www.valueline.com 14.3 105.6 119.3
The Prudent Speculator John Buckingham www.alfrank.com 17.7 229.1 103.6
Growth Stock Outlook Charles Allmon 800/742-5476 9.2 47.1 102.9
Dow Theory Forecasts Richard Moroney www.dowtheory.com 11.0 88.8 90.0
The Chartist Dan Sullivan www.thechartist.com 12.0 123.5 83.6
Standard & Poor’s Outlook Lisa Sanders www.outlook.standardandpoors.com 9.7 80.4 77.1
Dow Theory Letters (timing only) Richard Russell www.dowtheoryletters.com 8.3 63.8 64.3
Doug Fabian’s Successful Investing Douglas Fabian www.FabiansSuccessfulInvesting.com 8.7 76.5 62.1
Growth Fund Guide Walter Rouleau 800/621-8322 8.4 83.7 54.3
The International Harry Schultz Letter Harry Schultz www.hsletter.com 7.5 166.0 39.3
The Dines Letter Jim Dines www.dinesletter.com 7.1 189.3 37.9
The Ruff Times Howard Ruff www.rufftimes.com 6.8 175.8 35.0
Value Line Special Situations Service Gary T. Shafer www.valueline.com 5.4 184.8 26.4
Professional Timing Service (timing only) Curtis Hesler www.protiming.com 5.4 57.0 0.0
Granville Market Letter (timing only) Joe Granville www.granvilleletter.com 4.9 87.7 0.0
Elliott Wave Financial Forecast (timing only) Steven Hochberg/ Peter Kendall www.elliottwave.com 1.6 92.9 92.9
Benchmarks
T-Bill Portfolio 5.7 5.8 0.0
DJIA (dividends reinvested monthly) 13.8 99.5 118.6
S&P 500 (dividends reinvested monthly) 12.5 98.4 104.3
DJ Wilshire 5000 Value-Weighted Total Return Index 12.3 100.0 100.0
AMEX Market Value Index 10.5 109.6 72.9
NASDAQ OTC Composite 10.4 149.4 64.3
Morgan Stanley Capital International’s EAFE Index (price only) 9.0 108.9 55.7
Shearson Lehman Treasury Index (total return) 8.5 36.8 105.0
Gold Bullion (London P.M. fixing) 1.1 105.4 42.9
*As measured by the standard deviation of monthly returns; normalized, so that the DJ Wilshire 5000 index’s volatility equals 100; lower numbers are preferable.

**As measured by the Sharpe ratio, a measure of performance per month per unit of risk; normalized, so that the DJ Wilshire 5000 index’s Sharpe ratio equals 100; higher numbers are preferable.

Source: The Hulbert Financial Digest.