Richard,Thanks for the link to the Harvard study. It was very interesting and also had some good citations to follow up on. The article itself focused more on the success of the CAPS system than on individual investors but some of the citations look at individual investors.One thing I found interesting was the assumption that an individual's superior performance was driven by superior information. I'm not sure how true that is--I suspect judgment and temperament may play a larger role, especially when dealing with real dollars instead of just predicted performance.I was heartened to see that CAPS performed well in a bear market as well as in a bull market. To me that suggests it's capturing something more than just volatility.Fool on!Dan (dillbeans)
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