Thanks Wade. I think you nailed it: I would think we would see more upside surprises in both earnings and guidence in a bull market.
In 1997, my bro in law churned a pairs-based algorithem that resulted in an annual ROI of between 45 and 122%. All on the long side. Between 2001-2003, the ROI dropped to negative #'s. The algorithem had no positive results when applied to shorting.
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