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Since March 2002, The Motley Fool's founders, David Gardner and Tom Gardner, have published monthly stock recommendations under Motley Fool's premium Stock Advisor service. In this paper, the authors investigate whether analysts' recommendations can add value for investors by examining the performance of portfolios constructed based on Motley Fool's recommendations. They evaluate the announcement effect on share price corresponding to the publication of stock recommendations. Additionally, thedoi:10.21511/imfi.14(3-1).2017.12 fatcat:7omq7ythnzgafb5uvdbmlkyp64