Wade - you can believe whatever you like .... after all, you're the only one who believes this bull market is nothing more than a bear market rally. Too funny ! You believe a lot of stuff that others don't agree with, but that's fine.
Due diligence does matter when it comes to earnings. If you don't want to believe it that's ok. Also, constantly getting out of stocks for no reason ahead of earnings eliminates the possibility of a lower long term capital gains tax rate. Loads of my positions are over a year old. And thrashing in and out of illiquid stocks is costly. By always selling ahead of earnings and buying back after the report 50% of the time involves 3x the trading volume of someone who always holds through earnings and sells 50% of the time after the report. Very inefficient and costly especially with relatively illiquid stocks.
Years ago I told you when you did that study that it was a waste of time. Of course the average stock held through earning results in an average gain near zero. If that were not true we could all get rich by shorting every stock ahead of earnings ! Or going long if that was the average result was a gain. Due diligence is the key to outperforming the market whether it's holding between earnings reports or holding through the earnings.
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