May, The Silly Season, Is Upon Us

One of the more persistent investment myths is that the winning strategy is to sell stocks in May and wait to buy back until November. While it is true that stocks have provided greater returns from November through April than they have from May through October, since 1926 there has still been an equity risk premium from May through October.

This is not a novel idea in the world of investing. People have been agreeing to this adage for some time. In fact, a few years back, I decided to test this theory by creating two portfolios.

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