I'd compare stock pickers to astrologers . . . But I don't want to bad-mouth the astrologers.
Eugene Fama in How the Really Smart Money Invests from Fortune (7/6/98) Today the only people who don't think markets work are the North Koreans, the Cubans, and the stock pickers.
Rex Sinquefield in How the Really Smart Money Invests from Fortune (7/6/98) From our study of the forecasts of investment newsletters, we conclude that the writers of newsletters are unable to reliably forecast stock returns. We found no statistically significant relationship between the forecasts of newsletter writers and subsequent stock returns.
Roger G. Clarke and Meir Statman in "Bullish or Bearish?" from the Financial Analysts Journal (May/June 1998)
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