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Value Investing Strategy (Strategy Overview)

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Investing Research Articles

3527 Research Articles

Book (Value) It?

…because mean reversion of price-to-book ratios outpaces reinvestment of earnings, value stocks outperform growth stocks.

Warren Buffett’s Track Record: Luck or Skill?

…Warren Buffett’s consistently high level of outperformance challenges the Efficient Markets Hypothesis.

Sophistication + Experience > Behavioral Bias?

…sophisticated and experienced investors/traders avoid most of the bad effects of the disposition bias. Trading practice helps.

Fooled by Randomness: A Review

…noise generally swamps signal (true outperformance or underperformance) in financial markets, and in life generally.

Brokerage Business Biases Analysts

…conflicts from the brokerage business (not investment banking) play an important role in shaping analyst forecasting behavior.

Buying on Impulse (Change in Momentum)

…focusing on stocks with both high six-month momentum and rapidly increasing six-month momentum offers significant excess returns.

Value Versus Growth: The Winner Is…

In their August 2005 paper entitled “Value Versus Growth: Stochastic Dominance Criteria”, Abhay Abhyankar, Keng-Yu Ho and Huainan Zhao apply stochastic dominance techniques to assess the relative performance of value and growth investment strategies in U.S. equity markets over the past half century. These techniques: (1) compare entire return distributions (not just means or medians);… Keep Reading

Individuals => Institutions: One-Way Flow?

…individual investors are systematic stock trading losers; institutions, systematic winners. Individual investors may well be relatively overconfident (despite lack of investing education) and thrill-seeking compared to institutional investors.

The Ghosts of Stocks Past

…individual investors should exercise special care when considering the repurchase of stocks previously owned or the purchase of more of stocks already owned to ensure that their intellects are in charge of their feelings.

Testing the Halloween Effect

…the average investor in the U.S. equities will have difficulty avoiding relatively poor returns during the summer. They should focus on the winter months.