In an interview with the author, Hulbert updated his report on Russell’s progress: “A reader who followed Russell’s ‘buy’ and ‘sell’ signals from June 1980 to December 31, 2001, would have earned 11.9 percent a year. We measure Russell’s returns by keeping his subscriber in an index fund throughout those periods when Russell’s theory signals buy or hold, then putting him into T bills when Russell’s Dow Theory sends a ‘sell’ signal,” Hulbert explained, “and that’s how we arrive at an average return of 11.9 percent.”
