For real this time!
Somewhere in the Internet ether, between my computer and the SSRN I managed to send in the wrong PDF. I thank graciously the (many) readers who caught my error. The good news is the the results were understated in the incorrect paper.
Please redownload, and apologies for the inconvenience!
NOTE: A number of readers have noticed that the 50% drawdown in Exhibit 5 does not match the drawdown I mention in the text. That is because they occured at two different times! The largest drawdown for B&H occured in 1932 while Timing only had a 44% DD. When the market cratered again in the early 1940s, both B&H and timing suffered 50% DDs…