Fairfax newspapers are currently running their 4 week stock picking contest. At the beginning of the 4 weeks, 8 contestants are asked to allocate $10,000 towards 10 stock picks, $100,000 in total. The contestants include media commentators and stock analysts along with a random selection identified as the Dartboard.
The latest report (29th April) on the progress of the competition has the Dartboard as a clear leader, $9,000 ahead of second place David Potts - a financial journalist. Four of the share racers are in negative territory.
This surely anything but a strong affirmation of the usefulness of individual stock picking!!