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<<Has anyone done any testing (or do they have the data?) to determine if there is a correlation between estimated growth numbers to the actual return (e.g., do stocks with a higher growth projection do any better over the course of the year)?>>
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It's not exactly what you asked, but in “Beating the Dow” the following table appeared showing the returns of the ten DJIA stocks with the lowest EPS estimates:

Year Total Return DJIA
1973 -15% -13%
1974 -11 -23
1975 39 44
1976 39 23
1977 - 4 -13
1978 - 2 3
1979 8 11
1980 29 21
1981 1 - 3
1982 10 26
1983 55 26
1984 4 1
1985 43 33
1986 27 27
1987 -14 6
1988 21 16
1989 25 32
1990 -15 0
1991 (6 mos) 18 12
Cummulative 731% 559%
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