More recently, over two and a half years ending in October 2004, buying the best stocks in the system test and selling them when the market turned down produced a +88.8% profit vs. -1.4% loss in the S&P500.

If you sold short the worst fund in down markets in addition to buying the best funds when the market trend was up, the profits were 193.9% vs. a 3.9% gain in the NASDAQ-100 stock index.