Looking - In Vain - For A January Effect

Once upon a time investors believed in the January effect. The story is that there's gold in them 'thar hills for equity returns during the first month of the year. The idea that January dispenses richer results than the other months dates to economist Sidney Wachtel's 1942 study on seasonality effects in the market. It's been a winning idea ever since, judging by all the attention it receives. As an investment concept, however, it looks distinctly unimpressive, or so recent history suggests.