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Asian Equity Investing by David S. Roche, Robert G. Zielinski, Richard Bernstein,

By David S. Roche, Robert G. Zielinski, Richard Bernstein, Nigel Tupper, Robert J. Schwob, Donald M. Krueger, Michael C.M. Wilson

The authors of this court cases supply readers important perception into the industry research, learn concepts, and funding ways which may bring about winning making an investment within the Asian fairness markets. the most important message brought is that Asian markets aren't U.S. markets. funding selection making may still relaxation on primary standards, however the standards needs to have in mind neighborhood elements.

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Low PIE) strategy in the United States-in general, a strategy that has worked well in the United States since 1986. Despite the fact that it has worked well in the long term, significant periods of underperformance can be seen in Figure 2. " Unfortunately, some of these managers were forced out of business by the double whammy of declining asset values and the outflow of funds. Figure 2. The decision that "I am a long-term investor, and I am going to follow one discipline" may, at times, be a poor business decision.

0 '"OJ OJ u ~ '" S .... s.... OJ Po. 6 95 - - Relative Style Performance Note: EPS momentum is calculated as the year/year percent change in the S&P 500 four quarters EPS figures. Style performance is based on Merrill Lynch Quantitative Analysis' growth fund index versus value fund index. that can maintain their growth rates. When the profit cycle begins to trough and then accelerate, value managers outperform growth managers. The explanation is that as earnings growth becomes more abundant, investors become selective shoppers: They look for comparatively cheap stocks and bid up the prices of those cheap stocks.

Cycles of Style Rotation and the Profit Cycle. The relationship between the profit cycle and the performance of growth and value in Hong Kong is not as clear as in Australia over the long term. But in the past few years, the relationship has been very strong, as Figure 13 shows. From January 1994 to January 1996, profits were becoming scarce. What did investors do? They bid up the price of the stocks that maintained growth, so growth strategies outperformed value. Therefore, as growth has become more abundant, value strategies have been outperforming growth strategies.

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