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Prof. Stephen Brown's research on the Dow Theory is featured

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Excerpt from Marketwatch -- "Consider a study conducted in the mid-1990s by three finance professors — Stephen J. Brown of New York University, William Goetzmann of Yale University and Alok Kumar of the University of Miami. They fed Hamilton’s market-timing editorials from the early decades of the past century into neural networks, a type of artificial-intelligence software that can be 'trained' to detect patterns. Upon testing this neural network version of the Dow Theory over the nearly 70-year period from 1930 to the end of 1997, they found that it beat a buy-and-hold strategy by an annual average of 4.4 percentage points. Their study appeared in the August 1998 Journal of Finance."

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