Briefly Speaking, from Victor Niederhoffer
Yet another pattern widely disseminated falls to the dogs. The bank whose heads like to cash in without gains service and head the big beltway departments bordering the oval published a widely disseminated study showing that the 1 to close from year end 2008 to year end 2010 was a nice 0.1 % in the index. Which astute second hander noted carried through to futures with a nice t of 4.1 and 62% up. It is good to know that in 2011 the effect led to a -0.5% decline with a 42% up. Thus, Milton and Rose can rest easy again that there is no free lunch.