Here's what I did: I looked at the top ten buys, and top ten sells, and ignored any shares that were on both lists. I then calculated the average return of the remaining shares. Three shares appeared on each list. Here's what I found:
Amur Minerals -12%
Gulf Keystone -17%
Max Petroleum -26%
During that time, the FT-ALLSHARE index went from 3120 to 2985, a return of -4%.
In other words, shares that investors thought were buys went on to outperform the market by 5%, whilst the shares that investors thought were sells went on to underperform the market by a massive 20%. Interesting, no? I am tempted to repeat the experiment at the end of the month.