I was going through my archive of scanned documents the other day and came across this. It is so old I don’t even remember where I got it from.
It is the forecasting record of mutual funds (managed funds) The presumption is that when such funds move into cash they are bearish and when they move into equities they are bullish. This looks at the movements in the Dow one year after these moves.
The interpretation is that if you had done exactly the opposite of mutual funds you would have been about 15 times better off.
