Various publications sought to analyze the likelihood of Rodham's successful results. The editor of the Journal of Futures Markets said in April 1994,
"This is like buying ice skates one day and entering the Olympics a day later. She took some extraordinary risks." USA Today concluded in April 1994 after a four-week study that "Hillary Rodham Clinton had some special treatment while winning a small fortune in commodities. In a Fall 1994 paper for the Journal of Economics and Finance,
economists from the University of North Florida and Auburn University investigated the odds of gaining a hundred-fold return in the cattle futures market during the period in question. Using a model that was stated to give the hypothetical investor the benefit of the doubt, they concluded that the odds of such a return happening were at best 1 in 31 trillion.
Financial writer Edward Chancellor noted in 1999 that Clinton made her money by betting "on the short side at a time when cattle prices doubled." Bloomberg News columnist Caroline Baum and hedge fund manager Victor Niederhoffer published a detailed 1995 analysis in National Review that found typical patterns and behaviors in commodities trading not met and
concluded that her explanations for her results were highly implausible. Possibilities were raised that broker actions such as front running of trades, or a
long straddle with the winning positions thereof assigned to a favored client, had taken place.
In a 1998 article, Marshall Magazine, a publication of the Marshall School of Business, sought to frame the trading, the nature of the results, and possible explanations for them:
These results are quite remarkable. Two-thirds of her trades showed a profit by the end of the day she made them and 80 percent were ultimately profitable. Many of her trades took place at or near the best prices of the day.
Only four explanations can account for these remarkable results. Blair may have been an exceptionally good trader. Hillary Clinton may have been exceptionally lucky. Blair may have been front-running other orders.
Or Blair may have arranged to have a broker fraudulently assign trades to benefit Clinton's account.