Ben Grahm would shed a tear.

In general the results show the massive superiority of being a ‘bargain hunter'. Ben Graham's concept of a margin of safety is still sound today. Buying cheap stocks offers significant protection against any potential bad news.
James Montier's study of bargain hunting vs. growth stock investing shows some startling results. buying cheap stocks did indeed outperform. Simply buying an equal weighted basket (assuming equal distribution of stocks across portfolios) of the lowest 20% of PEs within the MSCI World index generated significant outperformance (9.7% p.a. on average). Such a strategy would have only resulted in absolute losses in only five out of the thirty years in our sample.
That is to say growth investors shouldn't ignore value. The cheaper the stocks they buy, the better the performance achieved. Indeed the two lowest PE bands provide over 50% of the total outperformance of the perfect foresight growth premium.

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