INTRODUCTION<br > Few financial endeavors have occupied the time of more<br >men over more years with less success than attempting to<br >"beat the market." So many have tried and failed that it has<br >become popular， especially in academic circles， to believe<br >that no one can consistently outperform the averages.<br > Nothing could be further from the truth!<br > Granted， everyone cannot beat the market . . . simply<br >because everyone is the market. But that does not preclude<br >the possibility that some investors， utilizing more sophisti-<br >cated approaches than the public at large， can earn above<br >average returns on their investments. To do so， however，<br >requires the development of a logical investment strategy<br >which takes advantage of the very weaknesses that deny<br >superior returns to most investors.<br > As a prelude to increased stock market profits， it is neces-<br >sary to reject the concept that chance alone governs who<br >wins and who loses on Wall Street， while recognizing that<br >most speculators who seek a get-rich-quick solution will end<br >up instead among the big losers. Investors expecting to<br >double their money every year will fail ahnost without<br >exception， while those with reasonable objectives and a<br >