On a risk-adjusted basis, the newsletters did better; 10 portfolios outperformed the market.

On a risk-adjusted basis, though, Mr. Jacob's was good enough to beat the market.

Over shorter periods, a variety of asset classes may shine on a risk-adjusted basis.

But his advice was so much less risky than the market itself that, on a risk-adjusted basis, he actually beat a buy-and-hold strategy.

Either fund, he added, might have been too similar to others or might not have fared as well on a risk-adjusted basis.

"On a risk-adjusted basis, it is really outstanding and he is less likely to have his head handed to him."

Opportunity to potentially earn a higher rate of return (on a risk-adjusted basis)

On a risk-adjusted basis, his newsletter ranked fourth among those all of those tracked since mid-1980.

On a risk-adjusted basis, the two groups' performances were about equal.

Of the 41 now being followed, 27, or 66 percent, are ahead of the Wilshire on a risk-adjusted basis over the monitored periods.