re: Russell,
Very impressive long term record, on a risk-adjusted basis...
i often wonder how they figure these things. for example, that article talks about how Russell reco'd the Spyders and Diamonds recently as a "great" call. but my recollection is that he basically said, the market is garbage, but if you're a speculator you might buy DIA and SPY with tight stops. hardly a huge recommendation to go long, and i doubt most of his subscribers would have followed that advice (nor did he seem to think most should).
moreoever, i found his commentary on gold a little puzzling. he seems to reco a 10% position, to be upped to a higher weighting when markets are "confirmed", meaning i guess at higher prices.
i don't understand this kind of thing. either chit or get off the pot, i say.
in any case, not just Russell, but many newsletter writers write all kinds of nebulous things that could be taken as recos or not. so it is kind of strange for Hulbert to give this precise, "risk-adjusted" return over multiple decades, when it's not like there is a precise portfolio being recommended. you could come up with all sorts of returns depending on which pieces of advice you decided were "actionable", and the percentages in which you bought/sold. |
