Yes, January 2013 was a good month, a special month in the context of returns.

But there have been several months since March 2009 that have been even better.

In this graphic the red-shaded months are the months when the median return forecast was below average … and the green-shaded months when the return forecasts were outsized.

I was surprised to see the dispersion for above-average return forecasts, while the monthly returns during our “return forecast plateau” (2005-2007) are pretty tightly grouped. Hmmmmm.