Three Different Ways to Follow the Model Shadow Stock Portfolio

by James B. Cloonan

Three Different Ways To Follow The Model Shadow Stock Portfolio Splash image

It has been a very strong year for the Model Shadow Stock Portfolio. The portfolio is up 32.8% year-to-date compared to the S&P 500 index, which is up 15.3% as measured by the Vanguard 500 Index fund (VFINX).

These results as well as results over longer periods can be seen in Figure 1 and Table 3.

Most U.S. indexes are now above their highs prior to the Great Recession. There has been quite a bull market run, but for most indexes it has been mostly recovery of previous losses. Most pundits keep talking about a correction and get excited every time there are a few down days, but the trend keeps edging up—at least so far.

There is concern that as bond returns go up investors will switch out of stocks. I think it may be a while before bond yields increase significantly, and I think more investors are switching into stocks and will continue to do so for some time to come. To me the stock market does not look frothy or exhibit excessive exuberance. However, the market is always volatile in both directions even if it is overpriced or underpriced.

We have been following the number of qualifying stocks each quarter under our liquidity rules for the portfolio. We were down to eight this period and four of those were Chinese stocks. This is clearly on the low side when we observe Figure 2. While we do not have enough history for a meaningful analysis, it does indicate that the market is getting more reasonably priced—at least the small-cap value part of the market.

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Table 1. The Model Shadow Stock Portfolio

  Current 52-Week Market P/E P/B Div    
  Price High Low Cap Ratio Ratio Yield  
Company (Ticker) ($) ($) ($) ($ Mil) (X) (X) (%) Notes
Addus Homecare Corp. (ADUS) 17.99 18.90 3.57 195.9
1.80 0.0  
Alamo Group, Inc. (ALG) 42.50 44.13 27.07 513.1
1.64 0.7  
Alpha & Omega Semicon (AOSL) 7.89 10.45 6.64 201.2
0.71 0.0  
CSS Industries, Inc. (CSS) 27.65 31.50 17.86 261.8
1.05 2.2  
Ducommun Incorporated (DCO) 19.43 26.71 7.71 206.0
0.91 0.0  
Ennis, Inc. (EBF) 17.11 17.60 13.70 447.6
1.24 4.1  
Flexsteel Industries (FLXS) 22.73 26.29 18.56 161.4
1.09 2.6  
Gilat Satellite Networks (GILT) 5.49 6.20 2.31 228.9
0.94 0.0  
Hardinge Inc. (HDNG) 12.75 14.69 8.20 149.9
0.95 0.6  
Hooker Furniture Corp. (HOFT) 17.50 18.31 10.01 188.1
1.43 2.3  
International Shipholding (ISH)* 18.63 20.93 13.00 134.6
0.47 5.4 qualified as of 5/31/2013
Key Tronic Corp. (KTCC) 11.36 12.28 7.15 119.2
1.28 0.0  
Kimball International (KBALB) 9.79 13.25 6.72 292.5
0.93 2.0  
Marlin Business Services (MRLN) 23.38 25.97 13.74 300.7
1.66 1.7  
Medical Action Industries (MDCI) 8.40 8.99 2.25 137.7
1.47 0.0  
Mitcham Industries (MIND) 15.61 18.79 11.51 200.4
1.13 0.0  
Olympic Steel, Inc. (ZEUS) 25.33 26.83 14.77 276.8
0.95 0.3  
PC Connection, Inc. (PCCC) 16.79 17.65 8.90 438.5
1.46 0.0  
PCM Inc (PCMI) 7.66 9.11 5.06 87.8
0.75 0.0 qualified as of 5/31/2013
RCM Technologies, Inc. (RCMT) 5.57 6.72 4.89 68.7
1.15 0.0  
Renewable Energy Gp (REGI) 13.53 14.51 4.28 414.7
1.11 0.0  
REX American Resources (REX) 27.92 30.97 14.43 228.3
0.91 0.0 earnings probation (2012 Q4)
Rocky Brands, Inc. (RCKY) 14.62 16.41 10.74 109.9
0.87 2.7  
Saga Communications (SGA) 46.05 51.61 25.31 261.7
2.43 0.0 approaching value limit
Salem Communications (SALM) 7.46 10.14 4.46 184.0
0.98 2.7 earnings probation (2013 Q1)
Shoe Carnival, Inc. (SCVL) 24.28 25.37 18.80 496.9
1.65 1.0  
Standard Motor Products (SMP) 33.80 34.62 11.94 776.3
2.43 1.3 approaching size & value limits
TravelCenters of America (TA) 11.13 12.5 4.18 328.7
0.86 0.0  
VOXX International (VOXX) 11.12 11.64 5.55 265.2
0.59 0.0  
Willis Lease Finance (WLFC) 13.25 16.28 11.31 116.9
0.53 0.0  
*Company is new to the portfolio. Added 6/6/2013.
Source: AAII’s Stock Investor Pro/Thomson Reuters. Data as of 5/31/2013.

Explanation of Notes

Approaching Size Limit: Stocks are sold if their market capitalization goes above three times the initial maximum criterion. The current market capitalization maximum for initial screening is $240 million. Stocks are marked “approaching size limit” if their current market cap exceeds 2½ times the initial criterion, or $600 million.

Approaching Value Limit: Stocks are sold once their price-to-book-value ratio goes above three times the initial criterion. The current initial price-to-book ceiling is 0.80. Stocks are marked “approaching value limit” if their current price-to-book-value ratio exceeds 2½ times the initial criterion, or 2.00.

Earnings Probation: If the last 12 months’ earnings from continuing operations are negative, the stock is put on probation; if a subsequent quarter has negative earnings prior to 12-month earnings becoming positive, the stock is sold. The date within the parentheses lists the fiscal quarter during which the company first reported negative trailing 12-month earnings.

Qualified as of: Stock still qualified as a buy when the screen was run with current data. Stocks that don’t currently qualify as a buy are held until they meet one of the sell rules.

See the Model Shadow Stock Portfolio area of for more information.

Portfolio Changes

Table 1 lists the current holdings in the Model Shadow Stock Portfolio. We sold Sterling Construction Co. (STRL) because of negative earnings. We replaced it with International Shipholding Corp. (ISH), as can be seen in Table 2. Saga Communications (SGA) was on the border of the value limit, but our general rule when a decision is close is not to trade because turnover is the known enemy.

Variations on the Basic Portfolio

Many members ask if we have measured the results an investor would obtain if he followed the rules but made different selections or acted more frequently than quarterly. Unfortunately, the variations become almost infinite because of the various changes that can be made, and we cannot track all the possibilities. Here are some possibilities.

Company Reason
International Shipholding Corp. (ISH)  
Sterling Construction Co. (STRL) negative earnings


Variation 1. The Model Shadow Stock Portfolio is a real portfolio, so I can only buy when I free up cash by selling. So I select a required number of stocks from all that qualify. I use a liquidity requirement ($150,000 average volume per day), but an individual with a $100,000 portfolio and 20 stocks could tolerate much less liquidity and could choose differently.

Variation 2. I only make changes quarterly. With a database (such as AAII’s Stock Investor Pro) individuals can follow the rules monthly or weekly and get different selections than I obtain.

Variation 3. A new follower of the portfolio only buying stocks when I buy them might take two years or more to become fully invested, so investors may want to buy qualifying stocks at a later time than I do. This is also true of investors with new funds to invest who don’t want to wait until they sell something.Even if we could define all the possibilities, backtesting is very inaccurate because of the difficulty in establishing the price at which a given volume of shares could have been traded. This is particularly true with micro-cap stocks, which have wide bid/ask spreads.

The numbers shown here may differ from your results depending on your requirement for average daily trading volume.

Looking Ahead

Strong tax receipts and the cost-cutting sequester has put off the day of reckoning for Congressional and administration decision-making, so a governmental shutdown is no longer imminent and foreign concerns seem somewhat reduced. But there will surely be another problem cropping up over the next three months.

We will review the portfolio again in the October issue of the AAII Journal, and in the meantime you can keep abreast at here.

  Average Annual Return (%) Cumulative Value of $10,000 ($)
Small Cap
Small Cap
1993 32.3 9.9 18.7 13,230 10,989 11,870
1994 2.0 1.2 -0.5 13,492 11,118 11,810
1995 20.7 37.4 28.7 16,291 15,282 15,204
1996 22.3 22.9 18.1 19,927 18,775 17,959
1997 44.3 33.2 24.6 28,756 25,010 22,375
1998 -8.9 28.6 -2.6 26,188 32,168 21,790
1999 0.0 21.1 23.1 26,187 38,945 26,831
2000 -7.7 -9.1 -2.7 24,163 35,418 26,116
2001 21.4 -12.0 3.1 29,325 31,160 26,926
2002 10.8 -22.1 -20.0 32,506 24,259 21,535
2003 73.1 28.5 45.6 56,268 31,174 31,360
2004 43.7 10.8 19.9 80,843 34,530 37,587
2005 17.9 4.8 7.4 95,353 36,180 40,376
2006 29.4 15.6 15.6 123,363 41,832 46,687
2007 -1.8 5.4 1.2 121,166 44,083 47,227
2008 -50.8 -37.0 -36.0 59,582 27,764 30,217
2009 72.3 26.5 36.1 102,665 35,120 41,130
2010 45.4 14.9 27.7 149,238 40,358 52,529
2011 6.3 2.0 -2.8 158,701 41,155 51,067
2012 33.3 15.8 18.0 211,588 47,666 60,274
YTD 32.8 15.3 17.1 280,982 54,966 70,561
Since Incep 17.7 8.7 10.0 280,982 54,966 70,561
Data as of 5/31/2013.


Model Shadow Stock Portfolio Rules

Purchase and Sales Rules

Stock purchases must meet these criteria:

  • No bulletin board or pink sheet stocks will be purchased.
  • Price-to-book-value ratio must be less than 0.80. (Figure will change gradually with changes in overall market values.)
  • Market capitalization must be between $30 million and $240 million. (Figure will change gradually with changes in overall market values.)
  • The firm’s last quarter and last 12 months’ earnings from continuing operations must be positive.
  • No financial stocks or limited partnerships will be purchased.
  • No stocks on foreign exchanges or ADRs will be purchased because of different accounting and/or withholding tax on dividends.
  • The share price must be greater than $4.
  • In order to reduce trading by avoiding stocks that are forever marginal, any stock that was sold within two years will not be rebought.
  • Note second item under Stock Order Guidance concerning spreads when buying shares.
  • Price-to-sales ratio must be less than 1.2. (Figure may change gradually with changes in overall market values.)
  • Eliminate any company that failed to file a 10-Q (quarterly) report in the last six months.

Stocks are sold if any of the following occur:

  • If last 12 months’ earnings from continuing operations are negative, the stock is put on probation; if a subsequent quarter has negative earnings prior to 12-month earnings from continuing operations becoming positive, the stock is sold.
  • The stock’s price-to-book-value ratio goes above three times the initial criterion.
  • Market capitalization goes above three times the initial maximum criterion.

Stock Order Guidance

  • These rules are for general guidance. Your own experience, market conditions and the size of the position will impact your own decisions. The results in the model portfolio were obtained while sometimes paying more.
  • Market orders are not used. Instead, if the quoted bid-ask spread is less than 2% (ask price minus bid price, divided by ask price), place a limit order at the ask price for a buy and at the bid price for a sell. If the bid-ask spread is more than 2%, try to place a limit order between the bid and ask prices to keep transaction costs low. If necessary, build a position gradually. With low commissions, it is often better to place partial orders than to try to establish a large position all at once. Be patient.
  • The average daily dollar volume should be at least four times the amount needed for your position. This will ensure liquidity to get in and out of the position, even if you need to grow the position gradually and sell gradually. This will result in a varying number of qualifying stocks for each investor.
  • For NASDAQ stocks, it appears to be better to use day orders. If the order is not filled, it is placed again with a slight adjustment. For NYSE and Amex stocks, good-till-canceled (GTC) orders are used to keep a place in line in the specialists’ books. If the market isn’t close to the desired price, the price is adjusted in a few days with a new GTC order.
  • If price changes cause a stock to become ineligible (due to changes in price-to-book-value ratio or market capitalization) when only part of the order has been filled, stocks already purchased are kept but the balance of the order is canceled.

Management Rules

  • Equal dollar amounts are invested in each stock initially.
  • Decisions are made only at the end of each quarter. In order to react to the majority of earnings reports as soon as possible, quarterly reviews are made in February, May, August, and November.
  • Best judgment is used for tenders or mergers, but all criteria must be obeyed.
  • At the end of a quarter, if receipts from stocks sold exceed requirements for new purchases, the excess receipts—up to 5% of the portfolio’s value—are kept in cash until the next quarter. If the excess receipts are greater than 5% of the total portfolio value, the amount above 5% is distributed to smaller holdings that still qualify as buys. Efficient quantities are purchased: If over 10% of the portfolio is in cash, the price-to-book-value ratio can be moved up, but never over 0.90.
  • At the end of a quarter, if receipts from stock sales are insufficient to buy all newly qualifying stocks, purchases are made in order of lowest bid/ask spreads.
  • Note that if you are managing your own portfolio, it should consist of at least 10 stocks. If you are developing the portfolio gradually, you can do it stock by stock, but don’t put more than 10% of your funds in each additional stock. More than 20 stocks is not needed until the portfolio exceeds $1 million.

James B. Cloonan is founder and chairman of AAII.


Craig Campbell from CA posted over 2 years ago:

I am trying to get better understanding of model stock portfolio and how to commence building it. why do you not include initial entry price or a buy below price in your table? your comment about how long it would take to build a portfolio buying only new entries would make one think that I could also buy those additions that are still trading at the entry price, in order to build faster.

Priya Balakrishnan from TX posted over 2 years ago:

Agree with Craig, there should be more details on entry points for new members who are starting to build their portfolio. Since the changes are made quarterly, any entry and exit prices would be useful.

Raymond Gundersen from CA posted over 2 years ago:

I agree with Craig & Priiya - without the entry price or at least the percentage increase/decrease to date, the figures in the table are almost meaningless. I would encourage everyone to take a look at picks like AOSL, MIND, and WLFC and compare their performance with the S&P 500 on Yahoo Finance. Some of the picks listed are questionable!

Charles Rotblut from IL posted over 2 years ago:

Craig and Priya,

The buy and sell rules for the portfolio focus on valuation, market capitalization size and profitability, not price action. If a stock's price rises from the purchase price, but the stock otherwise meets the buy criteria for the portfolio, it is considered to be "qualified" for purchase.

This said, we do maintained a detailed list of the portfolio's transactions for those members who are interested in seeing them.

-Charles Rotblut

Craig Butler from OR posted over 2 years ago:

Craig (Campbell): the way I bought into the portfolio 3 years ago is similar to the way Charles suggests. I took positions in all the stocks listed as qualifying, and avoided taking any positions in those listed as on probation or near any kind of limit (value or size). I also bought a few of the remaining ones that either seemed to me to be unusually good values (p/e or book value ratios) or in industries I understood to be growing. So I think I bought 8 the first quarter, and as more stocks qualified or funds became available I bought 1 or 2 more each quarter after that and now own about 20. I have also bought one or two that qualified but weren't bought by the portfolio and they also worked out well. I've never been able to own exactly the entire portfolio but it hasn't mattered. The results have been truly excellent.
Good luck

Anjan Ghose from CA posted over 2 years ago:


How about creating an ETF that clones the Shadow Stock portfolio, or even a fund? I will be happy to purchase its initial shares.

Billy Greer from MS posted over 2 years ago:

I would like to hear from someone who basically follows all the rules, but adjusts the portfolio monthly or weekly.

James McGehee from NC posted over 2 years ago:

Billy-I basically follow all the rules of the Shadow Stock, the only thing I do that is not in the "rules" is that I weight the holdings equally on purchase (30 stocks, enter as 3.33% of portfolio) and if any position grows to 4.33% I sell it back down to 3.33% and use funds raised to buy smallest holding back up to 3.33% max. Make sense? Interestingly my YTD return is very close to what AAII shows as their YTD return on the portfolio.

Blair Picard from MO posted over 2 years ago:

The problem with the shadow portfolio and others(pietroski is the perfect example) is that enough of aaii's subscribers are following these portfolios and their buy/sells are market impacting enough so as to make the performance numbers meaningless. The recent recommendation of ISH for purchase in the shadow portfolio or any of the pietroski buy or sell recommendations will prove this out. If you bought ISH anywhere within 15% of its price when it was recommended, my hat is off to you. But look at the chart. Buy/sell slippage is huge and while I am a big fan of the shadow portfolio, etc, I consider the published return numbers to be unrealistic and unreplicable in the real world.

Andy Crane from FL posted over 2 years ago:

I follow all the rules of the Shadow Stock Portfolio.
I started two years ago with 10 stocks from the existing portfolio and only buy and sell when the portfolio does, and my little portfolio is up 54%. I am one of those little of the little investors so you folks may have different ideas or ways to do it then I do.

Chadwick Gibbons from NY posted over 2 years ago:

The rates of return are suspect. For instance,
ISH was added to the portfolio 6/6/13 when it was about 18. I received a Email advising it had been added several weeks later when the stock was around 21+. The stated rates of return are suspect if the reader receives
receives buy/sell information sometime after
the trade has occurred in the portfolio.

James Fitko from LA posted over 2 years ago:


You are right about the market impact. Just like TV celebrity stock pickers, if you buy what they recommend, it is usually too late as the price has already risen. One way around this is to do your own research. I already owned ISH, chosen by looking at Stock Investor Pro, before the announcement. So I did well after the announcement. (I have no financial interest in SI Pro, I'm just an AAII member).

Blair Picard from MO posted over 2 years ago:

Mr. Crane's remarks illustrate my point. While we all should be pleased with that 54% return he describes, if you look at the table above these remarks, the shadow portfolio is apparently up about 69.25%, ie 3.15 in last half of 2011, 33.3 in 2012 and 32.8 in first half of 2013, during the same time period. So did Mr. Crane do a poor job of buying his stocks, a poor job of choosing which ones to buy or is the the slippage I described impacting his return. The point is not did the shadow portfolio go up in the last 24 months, but could one following the portfolio in the real world achieve the 69.25% return, or have to settle for 54%. Whether one's portfolio is big or little, like mine, a 15% difference is real money.

James Mcgehee from NC posted over 2 years ago:

There is no question that it will be hard to replicate the published performance of the Shadow Stock portfolio exactly due to "pop" that new additions receive as followers of the strategy take positions, but if you believe that the research points to a longer fundamental uptrend for the Shadow Stock holdings you should still do well. Even though the AAII followers undoubtedly drive up these stocks short-term, I have to believe that we have relatively little long-term impact on the valuation of these companies, that comes from long-term positive performance of the companies businesses and the accumulation of the stock by other investors over time.

Floyd Gaines from CA posted over 2 years ago:

Floyd Gaines San Jose, Ca.

I bought My first portfolio Aug of 2012, Put in $1000.00 in each stock and equally added to these stocks as I aquired money. I followed AAII's rules. I checked the extra 10 stock for what I thought might be better than my first 20. I made very few switces. my return is over 30%. That's good enough!

E Birnbaum from NM posted over 2 years ago:

It seems obvious that if a stock price jumps between the time it initially qualifies for purchase and the time the AAII member sees the recommendation, that while it may still qualify, the upside may be significantly impacted regardless of the reason for the jump in price. Ultimately, the member has to decide if the reduced upside potential is still worth it.

Also, I found the Shadow Portfolio detailed history table that Charles made available (via a link) to be both interesting and useful. Is that link available on the website? It would be nice to have that link shown as one of the options under the Shadow Portfolio menu, or otherwise easily found.

Dave Steffes from MN posted over 2 years ago:

Mr.Fitko has the answer. Use the AAII rules, do your own research, and buy before they are added to the Shadow Stock Portfolio.

Lihong Quan from NY posted over 2 years ago:

Dave,I agree with you. As a new part-time investor, I need time to learn the rules before I can do the research. My trouble is that I have full-time job already, and I usually do not have enough time to do my own research. Respectfully.

Andy Crane from FL posted over 2 years ago:

Gee Blair you make me feel bad about my little 54% return. I thought that was pretty good with only ten stocks when the Shadow Stock Portfolio holds around 30 stocks. Did I pick mine wrong? Heck if I know but any time I can get a 54% return does it matter, not to me it don't. I do appreciate your comments, I just try not to get too technical when I buy/sell stocks.

Steven Stark from ID posted over 2 years ago:

I loaded the rules into Fidelity stock screener and I check it regularly.
It doesn't take long once you save the parameters in the stock screener.

Jim Peabody from VT posted over 2 years ago:

Am not an experienced investor so the following question may be naive. But, why the rule: "No financial stocks or limited partnerships will be purchased"?

Alan Bloom from PA posted over 2 years ago:

Some of these questions are good ones. Where do you answer the questions. Alan

TWC from Canada posted over 2 years ago:

New Member here. Are covered calls permitted in methodology?

Charles Rotblut from IL posted over 2 years ago:

TWC - Since these are micro-cap stocks, options contracts are typically not available.

E Birnbaum - A link to the detailed transactions page can be found on the transactions page.


Charles Rotblut from IL posted over 2 years ago:

Jim - Here is the response from Jim Cloonan regarding your question:

"There is nothing wrong with financial stocks or partnerships. The problem is that the process used for selecting stocks in the portfolio doesn't work for financial stocks or partnerships because their balance sheets are different. This is true of most value oriented portfolios. They ignore financial stocks and partnerships. We have not found a time proven method for choosing the best financial stocks."

Gchin from NC posted over 2 years ago:

I have a couple of questions about AAII portfolios -
1) Is this portfolio appropriate for Non IRA account, if one is considering long term view like 10 years?

2) Can any one comment on pros and cons between fund portfolio vs Stock superstar portfolio perfprmane in a non ira account?

Charles Rotblut from IL posted over 2 years ago:

Gchin - The Shadow Stock portfolio is tax-friendly, so you can use a taxable account.

As far as the Model Fund Portfolio versus the Stock Superstars Report, the answer depends on how much involvement you want. The Stock Superstars Report has better historical performance, but there will be more transactions. About stock one per month, though nearly all of the capital gains are long-term. The Model Fund Portfolio will have less turnover in terms of its holdings.


Richard Orwoll from NC posted over 2 years ago:

I understand the concern expressed near the end of the article regarding the inaccuracy of backtesting. Yet I feel there are two questions many of us would like to answer. (1) Can an individual investor approach the returns seen by AAII, or does the pop in price associated with the AAII purchase significantly reduce the returns? (2) Are the average returns of all stocks meeting the Shadow Stock criteria consistent with AAII’s returns, or does AAII have a special gift for choosing the best stocks to purchase?

In spite of your disclaimer regarding backtesting, I believe reasonable answers can be obtained. For the first question I would suggest for the purchase price one could reasonably use the midpoint of the stock price range for the two trading days following the announcement of purchase by AAII. This should accommodate the vast majority of member purchases. An analogous selling price could also be used.

The second question is really independent of the disclaimer regarding backtesting. Here I would suggest using the midpoint of the price range the day after the screen for qualifying stocks is run. For this question I want to avoid the impact of purchases and sales by AAII members as much as possible. Each stock would be evaluated based on percentage gain from date of purchase to date of sale, so the result is independent of the size of the investment (i.e. the purchase does not require the sale of another stock in the portfolio).

Thomas Mason from IL posted over 2 years ago:

In the spirit of Mr. Gaines and Mr. Crane, any bump in market price due to the announcement of a change in the Model Stock Portfolio is the fee we pay for having someone else (i.e., AAII) do all of the leg work. As Mr. Fitko implies, we can avoid that "fee" by using SI Pro to make our own decisions using the same decision rules that AAII does. So back-testing would be done after any impact on the market which is due to AAII's announcement - if you typically wait to make changes in the portfolio until others have made theirs. I believe it is referred to as the "you snooze, you lose" rule. I, by the way, snooze quite a bit...

I use a lazy investor's version of the Shadow Stock Portfolio, an almost true version of the Model Fund Portfolio, and I follow Stock Superstars to the letter. My exactitude is relative to the amount I have invested in each portfolio.

Kennan from WA posted over 2 years ago:


I have been a member of the aaii for some time. I have been monitoring the shadow stock portfolio for some time. This is the first time I will invest money in it. If I make $100K investment in the portfolio, do you suggest I buy each stock in equal amounts?

I also read that one can build this portfolio in a few years slowly buying into it. In that case, how do you decide which stocks to start with?

Jean Henrich from IL posted over 2 years ago:

The portfolio rules state to invest equal dollar amounts in each stock you have chosen for your shadow stock portfolio. You can start with any number you like, but a minimum of 10 stocks is recommended. You can narrow the list using your own criteria, but you may want to first eliminate the ones that are on earnings probation or approaching a size or value limit, as they may be sold in the next quarterly review. Please see the Model Shadow Stock Portfolio Rules for more guidance on getting started and following the portfolio:

--Jean from AAII

Vladimir Lomen from OR posted about 1 year ago:

Hi Folks, I have followed the Shadow Stock Portfolio for over a year with very good returns, however, I am considering subscribing to Stock Investor Pro. Is the annual cost of doing this really worth doing - are there additional returns to be had by selecting my own and buying as the screen indicates than just following the Shadow portfolio? Thanks for any comments!

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