It seems like a circular relationship, and goes something like this:
1. Hulbert cherry-picks time-frames and assigns awards based on performance rankings based on incomplete data that he uses an asterisk/footnote to denote.
2. Brinker advertises his newsletters based on Hulbert's awards, but never reveals that Hulbert uses an asterisk/footnote to denote Brinker's QQQQ-trade.
December 18, 2008, Mark Hulbert published a Marketwatch article titled: "Bruised but bullish Commentary: Four of five newsletter on Honor Roll are bullish." In it, Hulbert reviewed the current stock market forecasts of each of the newsletters that he placed on his honor roll.
Here is what Hulbert wrote about Bob Brinker: "Bob Brinker's Marketimer. This newsletter makes it onto this year's honor roll even though editor Brinker last year did not expect the stock market to decline more than 20%." [Honeybee shouts: Stop the press! The market has declined over 50% and Brinker not only didn't expect it, he issued ever-changing buy-signals all the way down, including TWO market bottoms.]
Hulbert continued: "That he nevertheless remains on the Honor Roll is testament both to how good his market calls have been on other occasions over the past 18 years....." [Honeybee coughs: Wha, wha, what about the "not so good calls" over the past 18 years? And why do you choose "18 years" as the magic number? Why not 21 years? That would take us back to 1987 when Brinker "didn't expect" the October stock market crash and rode it all the way down, just to sell out a few months later and subsequently missed out on market gains on the way up.]
Hulbert continued: "....... as well as to the failure of most other newsletters to also anticipate the severity of the market's decline. He was in good company, in other words...." [Honeybee sputters: How can that be? Bob Brinker's Marketimer is NOWHERE to be found in Hulbert's "Top 5 Performers Total Return Ranking (not adjusted for risk) " over the past 5, 10, 15, 20, 25 years -- as reported on Page 8 of the December 2008 Hulbert's Financial Digest.]
Hulbert continued: "....... and the Honor Roll is graded on the curve." [Honeybee hollers: Back up the truck! What kind of "curve" is Hulbert using? It can't be based on performance! Even Brinker's March 2003 buy signal (S&P 807) has been taken out with the piano player! His subscribers would have been ahead to have kept the 65% cash reserves he had them raise in 2000 (minus whatever they put into QQQQ) in CD's or money markets and bought at a lower price on November 20, 2008 at S&P 752.]
Hulbert continued: "Brinker currently believes the stock market is in a perhaps extended bottoming process, and he therefore recommends that subscribers invest in the stock market on a dollar-cost-averaging basis. "We are aware that there is widespread fear that financial Armageddon is the likely outcome of the global financial crisis. We take the opposite view, and expect the stock market to record significant gains during the next major market uptrend. We continue to focus our efforts on the ongoing bottoming process that we regard as essential to establishing the level from which a sustainable market uptrend can occur. When we reach the point at which we can upgrade our current stock market view from dollar-cost-average to a renewed buy recommendation, we will do so." [Honeybee EC: Hulbert's Marketimer quote was from the December 2008 issue.]
Here are some samples of additional comments on the subject: 8-)
Here is a picture of my friend SJ Al in the Montana wilderness: