Few financial endeavors have occupied the time of more

men over more years with．1ess Success than attempting to

“beat the market．’’So many have tried and failed that it has

become popular，especially in academic circles，to believe

that no one can consistently outperform the averages．

Nothing could be further from the truth!

Granted，everyone cannot beat the market．．．simply

because everyone／s the market．But that does not preclude

the possibility that some investors，utilizing more sophisti-

cated approaches than the public at large，can eamabove

average returns on their investments．To do SO，however．

requires the development of a logical investment strategy

which takes advantage of the very weaknesses that deny

superior returns to most investors．

As a prelude to increased stock market profits，it is necesary to reject the concept that chance alone governs who

wins and who loses on Wall Street，while recognizing that

most speculators who seek a get-rich-quick solution will end

up instead among the big losers．