m**********n
发帖数: 2894 | 1 A well-known trading adage that warns investors to sell their stock holdings
in May to avoid a seasonal decline in equity markets. The "sell in May and
go away" strategy is that an investor who sells his or her stock holdings in
May and gets back into the equity market in November - thereby avoiding the
typically volatile May-October period - would be much better off than an
investor who stays in equities throughout the year.
This strategy is based on the historical underperformance of stocks in the
six-month period commencing in May and ending in October, compared to the
six-month period from November to April. According to the Stock Trader's
Almanac, since 1950, the Dow Jones Industrial Average has had an average
return of only 0.3% during the May-October period, compared with an average
gain of 7.5% during the November-April period.
There are limitations to implementing this strategy in practice, such as the
added transaction costs and tax implications of the rotation in and out of
equities. Another drawback is that market timing and seasonality strategies
do not always work out, and the actual results may be very different from
the theoretical ones.
While the exact reasons for this seasonal trading pattern are not known,
lower trading volumes due to the summer vacation months and increased
investment flows during the winter months are cited as contributory reasons
for the discrepancy in performance during the May-October and November-April
periods, respectively. | a********j
发帖数: 708 | | e*******s
发帖数: 1979 | 3 ..
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