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Portfolio managers versus the darts: evidence from the Wall Street Journal's Dartboard Column

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  • Allen Atkins
  • James Sundali

Abstract

The possibility that professional stock analysts could be outperformed by throwing darts at the stock listing page has intrigued stock market enthusiasts for years. In this study, we examine the results from the Wall Street Journal's Investment Dartboard Columns and find that the experts outperform the darts by a wide margin and outperform five different market indices by a positive but statistically insignificant amount.

Suggested Citation

  • Allen Atkins & James Sundali, 1997. "Portfolio managers versus the darts: evidence from the Wall Street Journal's Dartboard Column," Applied Economics Letters, Taylor & Francis Journals, vol. 4(10), pages 635-637.
    • Handle: RePEc:taf:apeclt:v:4:y:1997:i:10:p:635-637
    DOI: 10.1080/758533290
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    References listed on IDEAS

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    1. Elton, Edwin J & Gruber, Martin J & Grossman, Seth, 1986. "Discrete Expectational Data and Portfolio Performance," Journal of Finance, American Finance Association, vol. 41(3), pages 699-713, July.
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    5. Chen, Nai-Fu & Copeland, Thomas E. & Mayers, David, 1987. "A Comparison of Single and Multifactor Portfolio Performance Methodologies," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 22(4), pages 401-417, December.
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    8. Chen, Nai-fu & Copeland, Thomas E. & Mayers, David, 1987. "A Comparison of Single and Multifactor Portfolio Performance Methodologies (formerly WP #13-83)," University of California at Los Angeles, Anderson Graduate School of Management qt1tw5w5rs, Anderson Graduate School of Management, UCLA.
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    Cited by:

    1. Caliendo, Frank & Huang, Kevin X.D., 2008. "Overconfidence and consumption over the life cycle," Journal of Macroeconomics, Elsevier, vol. 30(4), pages 1347-1369, December.
    2. Frank Caliendo & Kevin X. D. Huang, 2007. "Overconfidence in financial markets and consumption over the life cycle," Working Papers 07-3, Federal Reserve Bank of Philadelphia.

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