Maximilian Uleer says sell in May is no better than a coin flip

4 articles · Updated · Barron's · May 1

Deutsche Bank backtesting found the strategy beat the market in only 22 of 53 years and lagged simple US buy-and-hold returns since 1973.
Adding US Treasuries improved results, but Uleer said performance was highly timing-sensitive and dropped significantly when 1998, 2001 and 2002 were excluded.
The seasonal adage persists despite weak evidence; in 2025, investors following it would have missed a 14% US equity gain from May through September.

With recent years defying the 'sell in May' adage, could sticking to old market wisdom actually cost investors more than help them?

How do behavioral biases and financial literacy impact whether investors follow or ignore seasonal market timing strategies like 'sell in May'?