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The Efficient Market Hypothesis/Random Walk Theory espoused by academics postulates that no one can beat the market over the longer term because, inter alia, all relevant information is incorporated in a stock's price. However, some investment newslettersnot investment managers, who, surveys show, consistently underperform the markethave apparently refuted this theory with "anomalous" gains better than, say, the S&P 500. Brimelow entertainingly recounts the history of newsletters and the biographies and investing styles of their most successful writers. Presumably by following one whose style is simpatico, an investor will profit. The list of 150 newsletters with addresses, prices, and principal editor/writer that concludes the book may itself justify purchase of this recommended title (although it could have included their frequency). Alex Wenner, M.L.S., Bloomington, Ind.
Copyright 1986 Reed Business Information, Inc.

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