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Posted by Dan Hung

January 19, 2009

I read Winning with the Dow's Losers Buy nizoral without prescription, by Charles Carlson years ago, but haven't really thought about it until recently. Find nizoral on internet, As you might guess, this is basically a book about the "Dogs of the Dow" strategy first publicized by Michael O'Higgins in his book, purchase nizoral without prescription, Nizoral canada, Beating the Dow. O'Higgins claims to have discovered this strategy in 1970s after being burned by the "Nifty Fifty" during the bear market in 1973-1974, cheap nizoral internet. Buy nizoral pills, For those that don't know, the strategy is basically a simple contrarian strategy that limits the stock picking universe to the Dow Jones Industrial Average (DJIA), nizoral without prescription. Order nizoral, The idea being that the Dow Jones will do the heavy "due diligence" for you since you can be generally sure that a company included in the DJIA is one of America's largest and most steadfast corporations. As such, people who ascribe to a dogs of the Dow philosophy believe that you can outperfor the Dow simply by buying some set of the worst performing Dow components, buy nizoral without prescription. O'Higgins advocated choosing the ten Dow stocks with the highest dividend yield and rebalancing yearly.

Charles Carlson takes this O'Higgins' theory one step further in Winning with the Dow's Losers and believes that you can beat the Dow on capital appreciation alone simply by looking for stocks with the largest percentage drop in share value or trading furtherst below their 200-day moving average which he defines using close ratio (share price to 200-day MA), nizoral approved. Nizoral no online prescription, The majority of his book involves the presentation of back testing data going back to the 1930s including analysis of companies which have been added and subtracted from the Dow Jones. To follow up on his assertions, fda approved nizoral, Cheap nizoral from uk, Carlson has even set up a website - DowUnderdogs.com - where he provides yearly analysis of Dow losers and tracks their performance.

In the end, it's hard to say that this strategy is fool proof, buy nizoral in us. Order nizoral no prescription, In fact, if you look at the performance of the strategy over the last year, order cheap nizoral online, Nizoral pill, you'll find that nearly all configurations of the Dow Underdogs strategy vastly underperformed the Dow. Buy nizoral without prescription, Furthermore, Carlson's book itself presents that the 10-stock strategy barely outperforms the Dow over the last 70+ years with outperformance just north of 100bps better than the Dow itself. And, order nizoral on internet, Buy nizoral on line, would anyone really be bold enough to commit the majority of their capital to a strategy that relies on just 3 or 5 Dow components. These strategies seemingly offer better performance but significantly more volatility over the same period.

Overall, generic nizoral online, Nizoral malaysia, Winning with the Dow's Losers is a well written book that presents a pretty effective case for a so-called "lazy strategy" that has the potential to outperform over a long period of time. I think it's real value is getting the reader to think more about the value of "contrarian" investing and realizing that today's losers will not necessarily be down and out forever, buying nizoral online. Nizoral online sales, The key, though, order generic nizoral, Nizoral tablets, is not to confuse this strategy for a true value strategy. In the end, Carlson relies more on technical concepts like mean reversion and relative performance to prove that his strategy can beat the Dow, buy nizoral without prescription. Furthermore, nizoral price, Nizoral pills, the strategy, as any "lazy strategy, no rx nizoral, Cheap nizoral in canada, " suffers from the fact that it prescribes a yearly rebalancing when market cycles are not bound to any predetermined time frame. One of the reasons why the strategy so bady underperformed last year is exactly this, buy nizoral from india. Canada nizoral, Two of the Dow's biggest losers in 2007, GM and Citi, buy cheapest nizoral, Cheap generic nizoral, were at the center of the downturn that has only accelerated in 2008. Will these two stocks someday rise from "worst to first, order nizoral from us, Nizoral cheap, " possibly. But, buy nizoral generic, Nizoral pharmacy, from 2007 to 2008, they went from worst to worst-est, nizoral buy. Purchase nizoral, Speaking of which, it would be interesting to see how this strategy performs on a dollar cost averaged basis.

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Pingback by Buy the Dow on January 21, 2009 @ 2:54 am

[...] my last post about various dogs of the Dow strategies, I outlined the potential for market beating stock picks through the identification of [...]

Pingback by Safe Dow Dividend Stocks on January 26, 2009 @ 11:34 pm

[...] reading a bit on the Dogs of the Dow theory and doing a little research of my own on large cap returns, I seem to have convinced myself of the [...]

Pingback by Five stocks for those that missed the rally on August 19, 2009 @ 9:46 pm

[...] of the Dow components look most promising? Well if you subscribe to the Dow Underdog’s theory, laggards year to date include Exxon (XOM), General Electric (GE), Proctor & Gamble [...]

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