Talking Numbers: Technical versus Fundamental Recommendations

摘要: There is an age-old debate between technicians and fundamental analysts, the leading schools of thought in investment management. We answer that via a comprehensive analysis technical recommendations broadcasted on TV show “Talking Numbers.” In particular, we study 1,599 dual recommendations, where each recommendation features forecast. The evidence shows possess superior skills predicting individual stock returns up to twelve-month horizon, while analysts exhibit weaker predictive ability. Beyond that, neither group able predict market-wide indexes, equity sectors, bonds, or commodities.