Rikki

Investor Clubs vs. Individual Investors: Is There a 'Better' Way to Invest?

Thanks for sharing this analysis. But re your conclusion - haven't you got the y-axis calibration wrong? ie shouldn't you align 0% return on the S&P with a beta of 1. If you do that, then market timing isn't the cause - as the previous graph indicates all the divergence happens in 2004-6 when they have a beta >/= 1 and the S&P is positive.

So maybe it is collaborative stock picking which is the problem.

Of course I might be completely wrong

Cheers Rikki

Rikki Tahta
covestor.com