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Strategies & Market Trends : Shorting SPY for fun and profit.

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To: studdog who wrote (116)	12/8/1998 9:57:00 PM
From: Investor2	Read Replies (1) of 346

Re: "I guess what it boils down to is, SPY represents what is really just about the best (better than 90% or so) mutual fund out there, as the S&P 500 is managed pretty much like a mutual fund,with minimal but strategic and well thought out position changes." Check out this table: S&P 500 % Funds Annual Outperformed by Year Gain Index 1972 19.0% 85 1973 -14.7% 84 1974 -26.5% 47 1975 37.2% 71 1976 23.8% 56 1977 -7.2% 15 1978 6.5% 31 1979 18.4% 20 1980 32.4% 53 1981 -4.9% 37 1982 21.5% 38 1983 22.5% 60 1984 6.3% 78 1985 31.8% 74 1986 18.7% 76 1987 5.3% 76 1988 16.6% 59 1989 31.7% 82 1990 -3.1% 64 1991 30.5% 45 1992 7.6% 46 1993 10.1% 40 1994 1.3% 78 1995 37.6% 85 1996 23.0% 75 1997 33.4% 95 Average 14.6% 60 Std. Dev. 16.8% 22 The first column in the table is the year. The second column is the total annual gain of the S&P 500 for each year. The third column is the percentage of general equity funds that the Vanguard S&P 500 Index Fund outperformed. Since 1972, the index outperformed an average of 60 percent of general equity funds. One year (1977), 85% of general equity funds outperformed the index. Still, your point is a good one; the index is tough to beat. Best wishes, I2

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