Professional Documents
Culture Documents
Conservative st
Risky stocks
16%
11.4% 11.8%11.3%
11.3%
12% 11.3%11.0%
10.3%
9.8%
8%
4%
Volatility
$100,000,000
Conservative stocks Evi
$10,000,000
Risky stocks
$1,000,000
$100,000
$10,000
$1,000
$100
$10
$1
n-29 Jan-36 Jan-43 Jan-50 Jan-57 Jan-64 Jan-71 Jan-78 Jan-85 Jan-92 Jan-99 Jan-06 Jan-13 Jan-15 May-
The turtoise continues to beat the hare:
Evidence after publication of 1st editon of book $175
Conservative stocks
$160
Risky stocks
$145
$130
$115
$100
$85
$70
Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19
The portfolios are constructed at the end of each month and include NYSE, AMEX, and NASDAQ stocks. The total return
measured over 36 months. Rebalancing takes place at the end of each quarter. At rebalancing the largest 1,000 stocks a
based on total market capitalization and only those with prices above 1 dollar. The portfolios are equal weighted and in
sectors. The file was created using the 201501 CRSP database. After publication of the book the performance years 201
added using the 201901 CRSP database. See also: www.paradoxinvesting.com