EPS surprises alone achieve a 20% average annual return

Looking at the earnings surprise anomaly, if you built a portfolio of the companies that had the top

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of positive earnings surprises, then you would have averaged an annual return of 20% from lesbian porn pics 2002-2010. Here are the annual details:

=”text-decoration: underline;”>EPS Surprises S&P 500

2002 -25% -22%

2003 95% 29%

2004 16% 11%

2005 12% 5%

2006 14% 16%

2007 6% 6%

2008 -51% -37%

2009 80% 26%

2010 37% 15%

Avg 20% 5%

Furthermore, the compounded annual growth rate for this time period is 12% and the backtested results of $10,000 invested at the end of 2001 are below:

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