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Interesting:
http://www.yeske.com/articles/mkt_timing.htm
Note: We've learned that the study discussed below may be an urban myth. A
representative of the University of Michigan recently emailed us asking if
we could please provide the source of the study, since as far as they knew
it was never done at their school.
The rest of the story: The director of research at Townley Capital
Management stumbled across the same anomaly not long ago and decided to
commission Professor Nejat Seyhun of the University of Michigan (naturally!)
to finally and officially conduct such a study. You can now view the results
on the Townley site.
Of course, you'll want to note that the new study confirms the findings of
the old: successful market-timing appears to require superhuman reflexes
(and more than a little luck).
Which refers you to this summary of the study:
http://www.towneley.com/html/study.htm
(for the period January 1926 to December 1993)
Better lucky, than good, as they say.
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