While there is no definitive explanation for  why the Halloween strategy has shown some  

雖然沒有明確解釋為什麼萬聖節策略

success historically, several factors  may contribute to this phenomenon: 

在歷史上取得了一些成功，但有幾個因素可能會導致這種現象：季節性：從歷史上看，

Seasonality: Historically, stock market  returns have exhibited a seasonal pattern,  

股市回報呈現出季節性模式，

with returns typically being stronger in the  winter months and weaker in the summer months.  

回報通常在冬季較強，而在冬季較弱。夏季。

This pattern may be due to various factors, such  as investor psychology, holiday-related trading  

這種模式可能是由於多種因素造成的，例如投資者心理、假期相關的交易

patterns, or changes in market sentiment. Summer Vacations: During the summer months,  

模式或市場情緒的變化。暑假：在夏季，

many institutional investors and  traders take vacations, which can  

許多機構投資者和交易者都會休假，這可能會

lead to lower trading volumes and less market  activity. This reduced liquidity can make the  

導致交易量下降和市場活動減少。流動性的減少可能會使

market more volatile and susceptible to price  swings, potentially leading to lower returns. 

市場更加不穩定，並且容易受到價格波動的影響，這可能導致回報率降低。

Tax Considerations: In some countries, tax  considerations may play a role in the Halloween  

稅務考量：在某些國家，稅務考量可能會影響萬聖節

strategy's effectiveness. An example could be  Australia, where the fiscal year ends on June 30.

策略的有效性。澳洲就是一個例子，該國的財政年度於 6 月 30 日結束。