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Topic: Value investing

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	Value investing - Wikipedia, the free encyclopedia
		Value investing is a style of investment strategy from the so-called "Graham and Dodd" School.
		Value investing was established by Benjamin Graham and David Dodd, both professors at Columbia University and teachers of many famous investors.
		Benjamin Graham is regarded by many to be the father of value investing.
	en.wikipedia.org /wiki/Value_investing (1089 words)

	FPA Journal - Value Investing and the Business Cycle (Site not responding. Last check: 2007-11-05)
		The pair-wise comparison test (that is, mean test) indicates that for all valuation ratios, the risk-adjusted return of value investing is significantly higher than that of growth investing at the 1 percent level.
		Comparing values of the Sharpe measure for value investing and growth investing, it is also noticeable that the polarity is different in each case (–0.0234, –0.0598, –0.0424, and –0.0396 for growth investing and 0.0469, 0.0562, 0.0517, 0.0566 for value investing).
		Empirical evidence suggests that value investing based on high valuation ratios (that is, book-to-market ratio, earnings-to-price ratio, cash flow-to-price ratio, and dividend yield) tends to outperform growth investing based on low valuation ratios.
	www.fpanet.org /journal/articles/2006_Issues/jfp0106-art7.cfm (2328 words)

	Value Investing
		Value investing is sometimes seen as an alternative to growth investing, although most well-balanced portfolios contain both investment types.
		Value stocks have certain characteristics that differentiate them from growth, small-cap or mid-cap investments.
		Value investing can yield substantial returns, but in some cases it is necessary to buy and hold the stock for an extended period of time.
	www.value-discovery.com /Value-Investing.htm (297 words)

	Global Value Investing
		Whereas value investing is a method of appraisal that focuses on measures of intrinsic value, growth investing is a method of anticipation that focuses on forecasts of earnings growth for the sake of growth.
		Whether novices or adepts at investing, readers may either gloss over the surface or delve to the foundations of first principles and discover the traps and pitfalls that await the unwary.
		Nevertheless, knowledge of value investing principles can be used to judge the merits of investment managers who represent that they are value investors.
	www.numeraire.com /index2.html (1696 words)

	Value Fund Investing: My No. 1 Pick
		Or perhaps you already own a value fund and are quietly wondering what a value stock is exactly -- other than something that has hampered your fund's performance and makes you feel granular every time your pals are talking about their soaring fund profits.
		Value stocks tend to be stodgy players in slower-growing, defensive or cyclical areas.
		Value investing is based on the contrarian premise that the stock market is less efficient than people think.
	www.bankrate.com /brm/news/investing/20000327g.asp (1170 words)

	Investing with a balance of growth and value stocks - Jun. 14, 2002 (Site not responding. Last check: 2007-11-05)
		Value investors are the bargain shoppers of the stock market, on the lookout for stocks that, for one reason or another, look inexpensive.
		The trick to value investing is in determining which companies are fundamentally strong, but have gone unrecognized by the stock market.
		In contrast to thrifty value investors, growth managers are happy to pay full price (or even a premium) for stocks that have shown good growth in earnings in the recent past and that they believe will continue to show strong growth in the future.
	money.cnn.com /2002/06/14/pf/investing/q_armchair_value (820 words)

	Value Investing: a new look
		Value investors don’t buy stocks just because they’re cheap; they have to be assured that the problems are temporary, or solvable.
		Value investors don’t try to predict which way interest rates are heading, or the direction of the market or of the economy.
		Value investors view all industry sectors as cyclical, meaning that each sector, and hence the stocks making up that sector, will go through periods of out performance when market mavens predict strong sales and earnings growth for all participants for the foreseeable future.
	www.winninginvesting.com /value_investing_revisited.htm (1081 words)

	Investing in Value: A Perspective on Digital Preservation
		The value of these assets is often hidden or simply assumed to be there, for example, the minutes of Senior Management meetings are assumed to be valuable to the University, but not all of the areas of value they have are known or understood.
		The process of defining value allows organisations to appreciate proper management of the assets, which includes timely destruction of those assets when their value reaches a point where it is no longer of benefit to retain them (or indeed, too risky).
		Historical value can be found for almost any information object and is itself composed of different value dimensions, but this is often not a value that sits with the strategic aim of the organisation, and therefore not a relevant one.
	www.dlib.org /dlib/april06/mckinney/04mckinney.html (3572 words)

	Value investing Journal of Accountancy - Find Articles (Site not responding. Last check: 2007-11-05)
		This article explains value investing, one of many investment techniques on which advice might be based.
		Benjamin Graham, widely considered the father of value investing, showed in a 1976 research study that applying value investment principles resulted in an annual rate of return of approximately 19% over the 50-year period from 1925 to 1975--well above the general market.
		Value investors in the current market generally would like yields on individual stocks to be above 3%, assuming a company is financially able to maintain the dividend.
	www.findarticles.com /p/articles/mi_m6280/is_n4_181/ai_18185047 (875 words)

	"Oak Value Fund - What is Value Investing Page"
		Since the Value investor begins with the premise that the current market price is no indication of the true worth of a business, the Value investor analyzes the company's reports and other public information to develop his own opinion of intrinsic value.
		The Value investors who follow Warren Buffett believe that his evolution of the teachings of Graham are important in that the emphasis is placed on a good business where the intrinsic value is growing over time.
		Unlike some trends and fads, Value investing will be around to take advantage of whatever the market is selling at a discount to its true intrinsic value; therefore continuing to reward its followers with superior returns.
	www.oakvaluefund.com /what.htm (1227 words)

	"Growth" Versus "Value" Investing
		There has been an ongoing debate for many years as to whether higher stock market returns can be achieved by investing for "growth" or by investing for "value." Investing for "value" means purchasing stocks at relatively low prices, as indicated by low price-to-earnings, price-to-book, and price-to-sales ratios, and high dividend yields.
		Common stock funds are now divided into nine groups, according to whether they invest in large capitalization, medium capitalization, or small capitalization companies, and whether their investment styles are predominantly "growth" oriented, "value" oriented, or a "blend" of the two.
		On the basis of the foregoing data, it appears that "value" investors derived 11% to 24% of their rewards from dividends, and 76% to 89% from capital gains; "growth" investors, on the other hand, derived only 3% to 10% of their rewards from dividends, with 90% to 97% coming from capital appreciation.
	www.dows.com /Publications/growth_versus_value_investing.htm (2710 words)

	Value Investing
		Value investing takes work to delve into the various elements of a business's balance sheet to understand hidden values, determine the effect on cash flow if changes were made.
		Another aspect of value is buying stocks that look cheap on a fundamental basis even if they do not have hidden or unrecognized balance sheet values, unproductive assets that can be sold, or bad management that could be replaced.
		Investing involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.
	www.uoutperform.com /New_Folder/value_investing.htm (712 words)

	Is value investing a thing of the past -- or future? (Page 1 of 3) (Site not responding. Last check: 2007-11-05)
		A value investor could be likened to the bargain hunter who finds a Jones New York blazer and pant set at a thrift shop in excellent condition and pays $30 for the outfit.
		Value investors purchase stocks whose share prices are cheap relative to earnings, cash flow, book value, etc. Growth investors prefer stocks that may be pricier relative to earnings, but they believe the prices are justified because they expect earnings growth to be faster relative to the market.
		Value investing had been in vogue for a while, ever since the loud and raucous tech party of 1998 and '99 broke up in March of 2000.
	www.bankrate.com /brm/news/BoomerBucks/20060201a1.asp (578 words)

	Dummies::Value Investing For Dummies:Book Information (Site not responding. Last check: 2007-11-05)
		Value investing is an investment style, which favors good stocks at great prices over great stocks at good prices.
		Value Investing For Dummies guides anyone from rookie to savvy investor through the often-confusing maze of value investments and value investing techniques.
		Value Investing For Dummies takes you on a journey to the tried-and-true principles of valuing stock as one would value a business.
	www.dummies.com /WileyCDA/DummiesTitle/productCd-0764554107.html (326 words)

	Value Investing
		Value investors actively seek stocks of companies that they believe the market has undervalued.
		For this reason, another central concept to value investing that of "margin of safety".
		Also keep in mind that the very definition of value investing is subjective.
	www.investopedia.com /terms/v/valueinvesting.asp (425 words)

	The Oakmark Funds - Value Investing
		Value investing is neither about buying and selling pieces of paper nor about making market predictions.
		While value investors focus on the value of a company in comparison to its stock price, growth investors usually emphasize a company's growth rate, expecting the high rates of growth will continue and thereby deliver superior returns.
		Value funds and growth funds rarely buy the same stocks at the same time, so a portfolio containing both kinds of funds should have little overlap.
	www.oakmark.com /valueinv.asp (504 words)

	Value Investing New Zealand (Site not responding. Last check: 2007-11-05)
		I was looking for a valuation process that was derived from the performance of the company and no t from the vagaries of the market.
		Brian started investing in shares based on what he perceived as a sound fundamental basis by way of looking at the companies financials, considering its price earnings ratio, dividend yield etc and reading about the business through the annual reports.
		Value Investing - Highlights, through a presentation by Brian, the reasons for value investing as against other forms of “speculation”
	www.valueinvesting.co.nz (770 words)

	Fool.com: Value Investing 101 [Commentary] August 9, 2004
		Greenwald teaches the value investing course at Columbia and also authored Value Investing: From Graham to Buffett and Beyond.
		So the valuation rule is very important, which is part two of value investing.
		Now Warren Buffett has this wonderful example that he always quotes in which he says look, the nice thing about investing is that every day the pitcher throws you a ball and you don't have to swing.
	www.fool.com /news/commentary/2004/commentary04080902.htm (1780 words)

	VInvesting.com - Investment Ideas and Insights for Value investors (Site not responding. Last check: 2007-11-05)
		Bob Olstein says "An unbreakable rule of the Olstein method of value investing is that inferential financial statement analysis takes precedence over the emotions of crowds, our own emotions, investors who desire continuous performance, the opinions of the press, or the short-term predictions of securities analysts.
		We believe long-term value investors need to recognize these extremes and keep their minds focused on the long-term when crowds are losing theirs.
		His view of investing, generally, is to avoid anything that "has a 2 or higher in front of its ratio of price to earnings," he said.
	www.vinvesting.com (1421 words)

	Value investing - May 21, 1998
		All value investors follow the trails of Benjamin Graham, a man of science who did some of the earliest exploration of assessing stocks.
		Additionally, value investors may be led down a false trail when they stumble upon a struggling company that emerges with strong quarterly earnings, only to discover the rebound is the result of a one-time sale of assets or some other non-recurring activity.
		Value stocks, almost by definition, often need to be held for a longer period of time.
	money.cnn.com /1998/05/21/investing/q_undervalued (1164 words)

	Amazon.com: Value Investing: From Graham to Buffett and Beyond: Books: Bruce C. N. Greenwald,Judd Kahn,Paul D. ... (Site not responding. Last check: 2007-11-05)
		He developed his value approach after he was wiped out in the 1929 stock crash (though he was already teaching by that time, the carnage of the crash caused him to hone his theories) and did most of his stock picking before the great postwar bull market.
		Value investing is so unpopular now, that many do not know about this highly successful form of investing as practiced by its greatest masters.
		A contemporary value investor had better be able to identify and understand the sources of a company's franchise and the nature of its competitive advantages.
	www.amazon.com /Value-Investing-Graham-Buffett-Beyond/dp/0471381985 (4431 words)

	"Oak Value Fund - Value Investing Page"
		Many current proponents of value investing are using modifications of the theories and practices of the late Benjamin Graham.
		His ideas provide the framework for a method of investing that has enabled its adherents to earn returns far superior to the market over an extended period of time.
		Value Investing is based upon the underlying premise that one should invest in securities in the same fashion that a prudent businessman would invest in a business.
	www.oakvaluefund.com /value.htm (230 words)

	Value Investing
		But value investing is more usually thought of as a particular investment style, in some ways contrarian, but generally as the counterpoint to growth investing (see CONTRARIAN INVESTING and GROWTH INVESTING).
		Economic conditions seem to be powerfully against value investing with falling long-term interest rates increasing the present value of growing revenue streams compared with static ones.
		For the tide to turn in favor of the value approach to investing, it is likely that small companies need to come out of their slump of the late 1990s.
	www.deanlebaron.com /book/ultimate/chapters/val_inv.html (2345 words)

	Value Investing (Site not responding. Last check: 2007-11-05)
		Columbia Business School is the academic home of Benjamin Graham and the birthplace of “securities analysis,” and, in particular, “value investing.” Ben Graham, with the help of David Dodd, taught Value Investing at Columbia from 1928 to 1956.
		After having been omitted from the curriculum for more than 15 years, Value Investing is now entering the eleventh year of its renaissance at CBS.
		The course extends the core finance curriculum to include the value approach to company evaluation and investing.
	www.capatcolumbia.com /Coursework/Value/value.htm (158 words)

	Value Investing
		Value investing is probably the most publicized anomaly and is frequently touted as the best strategy for investing.
		Some proponents of growth stock investing take issue with how growth/value classifications are determined and how indexes choose to drop and add securities.
		In addition, there is some evidence that growth fund managers have been more successful at beating their benchmarks than value managers and in many cases have outperformed their value peers.
	www.geocities.com /t_ride9/value.html (1035 words)

	Heartland Mutual Funds - Value investing in the tradition of Graham and Dodd
		Value investing is our asset management philosophy and our passion.
		Created by Heartland president William Nasgovitz, our 10 Point Value Criteria are based on a classical Graham and Dodd valuation process.
		While we can't promise value investing will be immune to any broad-based bear market, and value-based investments may be subject to the risk that the broad market may not recognize their intrinsic values, we do sleep easier at night believing we've chosen stocks based on our disciplined approach.
	www.heartlandfunds.com /individuals/process/index.html (271 words)

	Fatouros Value Investing
		The partnership seeks to achieve superior long-term performance by investing in public companies that are financially strong, well-managed, and run by capable management's selling in the market at prices below our assessment of their value.
		For example, if I purchase a piece of a business for half its intrinsic value, and it grows 12% per year through retained earnings, and the share price rises to reflect the companies worth in the fifth year, the investment will compound at 28% per year.
		For example, if you invest $10,000 and your investment portfolio is up 25% for the year which equals $2,500, Dino N. Fatouros will receive $500 at the end of the calendar year.
	www.fatouros.tv (792 words)

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