At least according to a new study by Dan Palmon, Ephraim Sudit and Ari Yezegel. After properly adjusting for stock size and value metrics the picks of columnists in Businessweek, Fortune, and Forbes slightly underperformed the market. For a summary of the article, see my favorite blog, CXOAG Investing notes.
This is yet another reason why I like index funds. Buying them will save you on magazine subscriptions.