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Interaction Between Value Line's Timeliness and Safety Ranks

The Value Line Investment Survey, with its well-known timeliness and safety rankings, has managed to generate a superior performance record over time. The authors' findings show that Value Line's timeliness ranks were significant predictors of success during our study period, even when several other key financial and market characteristics are considered. The timeliness ranks, however, appear to be biased toward the selection of securities with above-average market risk, even when controlling for safety level. The authors conclude that individual investors should not use Value Line's safety ranks to assess risk, but should instead focus on security betas. Following Value Line's recommended strategy would lead investors to large market-capitalization stocks with significant price and earnings growth momentum. Despite the “value” in its title, Value Line certainly does not recommend value stocks.