PdP

Impressive work -- Looking at your research I have one remark. It seems you backtested the years 2007 till 2011. This period has been exceptional. Indexes and all stocks had a enormous correlation. Stockpicking skill were not really rewarded in comparison with good directional calls on the indexes.

This will not always be the case. I personally expect (pretty soon) a period were the indexes will have modest change but some individual stock will do extremely well.

Thank you for sharing your work.

Ernst