Yearly Performances of Dogs of SPMIB , E50 , DJI

I report the annual performances you could get buying for every index , the first ten stocks , the first ten components chosen in order of their 2008 dividend yield . The formula is value at the end of 2008/value at the end of 2007 x 100.
I indicated , as second performance , the sum of 2007 and 2008 performances that you could get the smae strategy in 2007 and 2008.
You can easily obtai the excess of minus returns vs the index .
These data are better than those obtained by DJselect dividend portfolio. An explanation can be found from Graham and Haugen reasearches results : the bigger the market value the lessere the volatility of the stock. In DJSelect dividend portfolio there are many small caps.

Index 2008 2007+2008
SPMIB 51,75 143,6
Dogs di SPMIb 63,53 155,2
E50 55,70 161,02
Dogs di E50 55,34 156,25
DOW 66,16 176,69
Dogs di Dow 73,46 179,6

Stocks bought and sold

I sold Zurich Financial Services , Drax and KPN , divided the revenues by 3 and bought Centrica , Fondiaria-Sai , Iberdrola .
I also started buying an ETF on Commodities