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To: Eddie Kim who wrote (45598)	5/31/1998 3:42:00 PM
From: Chuzzlewit	Read Replies (2) \| Respond to of 176387

Eddie, your point is well taken. It is an error to assume that any of these investors were following Zweig's strategy. The point of the study is that as a group those who avoided churning did better than those who churned. However, the problems that I pointed out previously still remain. We need to know what they are doing before the fact. I suspect that a lot of these folks are guilty of intellectual dishonesty. That's probably why dissemblers like gc didn't want to take up Jim Leon's challenge. Eddie, your broadside against academics is totally unwarranted and is another example of ad hominem argumentation. I have issued the challenge on this thread for anybody with statistical evidence that TA works to publish the references here. Nobody has done so. Simply because a book comes to a conclusion doesn't make the conclusion correct. As to this statement "And most investment books I read...say you can always beat the street." Consider the sources (and their motivations) and the target audience (and its motivation). TTFN, CTC