Sharemarket Efficiency and the Experts: Some Australian Findings
- 1 June 1982
- journal article
- research article
- Published by SAGE Publications in Australian Journal of Management
- Vol. 7 (1) , 19-31
- https://doi.org/10.1177/031289628200700103
Abstract
This paper analyses the investment performance of 625 investment recommendations made by practitioners attending five Australian courses on portfolio management held between 1973 and 1979. It was found that course participants consistently out-performed the market, on a risk-adjusted basis. Their success was not due to picking winners to buy, but to nominating losers to sell.Keywords
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