PT - JOURNAL ARTICLE AU - Alexander Kwok-Wah Fung TI - Do Fight the Tape! AID - 10.3905/joi.2000.319375 DP - 2000 Aug 31 TA - The Journal of Investing PG - 35--42 VI - 9 IP - 3 4099 - https://pm-research.com/content/9/3/35.short 4100 - https://pm-research.com/content/9/3/35.full AB - Winner-loser reversals appear to obtain in national bond market indexes. In testing periods subsequent to ranking periods, portfolios of the three bond market indexes with the lowest returns significantly outperform the past winner portfolios by 6.9% (in U.S. dollars) in one year. The loser portfolios significantly outperform the market by 5.0% a year. The results are robust for from two countries in each portfolio to five countries in each portfolio. This implies that to beat the market investors should invest in bond markets that did poorly in the past but avoid those that had excellent returns in the previous period.