| 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. |
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