Paper Title
Five Simple and Maintenance-Free Investing Strategies in The U.S.: Seeking An Automated Investing System for Ordinary and International Investors

Abstract
The purpose of the paper is to examine five different investment strategies which are known to be easy to be implemented by ordinary investors: (1) S&P 500 strategy, (2) No OTC (over-the-counter) & No ADR (American Depository Receipt)strategy, known as NoOtcAdr strategy(3) Warren Buffett’s stock market indicator-based strategy, (4) Federal Reserve Bank’s monetary policy-based strategy, and (5) Joel Greenblatt’s magic formula strategy. Amonga large number of minimal maintenance strategies available in the U.S., we investigate the efficacy of these five investment strategies because these strategies are extremely simple to implement and require little time commitment for investment research. Once they are set up, they will be maintenance free. Typically, professional investors search for strategies that can generatethe highest alpha or abnormal returns far beyond the market return. They use expensive financial databases and/or investing software to achieve their objective. The rank-and-file retail investors, however, typically do not have professional expertise in investing and no access to such databases and software.In addition, these people in general have their own full-time jobs and have little time left for devoting dedicated hours to investment research. International investors who are interested in the U.S. capital market also have disadvantages due to the lack of information. Based on our findings and analysis, we propose a pair of options to retail and international investors, depending on their time commitment and risk tolerance level. Among five investment strategies, investors with high-risk tolerance may find merits in Fed’s monetary policy-based strategy, whereas investors with low-risk tolerance may find Buffett’s stock market indicator-based strategy attractive. Key words - Maintenance-free investment strategies; Fed funds rate; Greenblatt’s magic formula; Sector rotation, Warren Buffett stock market indicator