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Sunday NY Times Business Section has an article on page 12 that essentially
endorses the Dow Theory. Says that on a risk adjusted basis, it outperforms
the S&P, according to academics in the "Journal of Finance".
Last year, 2 academics did a study for the Federal Reserve that validated
the "head and Shoulder" pattern.
I wonder, what ever happened to the efficient market theory as espouse by "A
Random Walk down Wall St." and the "modern" portfolio theory? Any notable
body out there still peddles the "modern" portfolio theory, besides the
business schools?
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