In a paper that will be published soon in the Pacific-Basin Finance Journal, he maintains that not only is past economic growth no guarantee of future stockmarket returns, but even future economic growth (could we but know it) is no guarantee of contemporaneous stockmarket returns except in the most transitory way.

ECONOMIST: Buttonwood

Past returns are no guarantee of future returns, but they can sure make one look good.

FORBES: Nice Returns and Nice Students -- Toledo Students Pitch Intel

As with all investing, however, past outperformance does not guarantee future returns.

FORBES: Magazine Article