Has anyone here seen numbers for the forward performance of portfolios consisting of yesterday's stock winners? Note that I do not invest this way. Like most investors on this board I look for companies that are profitable, growing and low priced, not companies that have had high returns over the recent past. Nevertheless the scarce data that I have been able to find does indicate that outperformance tends to persist, and that a portfolio of, say, the top performing 5% of stocks in the S&P 500 over the last five years would outperform the average over the next year. If true, this would be the opposite of a strategy of "Buy the dogs of the Dow," or "Don't chase yesterday's winners." It would be more like the saying, "The best forecast for tomorrow's weather is today's weather."

If anyone has data on this question, would you please share? Many thanks.