%0 Journal Article %A Alexander Kwok-Wah Fung %T Do Fight the Tape! %D 2000 %R 10.3905/joi.2000.319375 %J The Journal of Investing %P 35-42 %V 9 %N 3 %X 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. %U https://joi.pm-research.com/content/iijinvest/9/3/35.full.pdf