VALUATION DIVIDEND QUARTERLY REPORT: Q4 2019 Valuation Dividend™ returned 6.52% in 19Q4, vs. 7.41% for its benchmark Russell 1000 Value, on a total return basis. In 2019, the Valuation Dividend returned 24.92%, below the R1000 […more]
The insights delivered by this study are truly fascinating. On one hand, the evidence that price multiples are incomplete in forming a definition of value is obvious, and this should align with intuition. If broader market participants heed this advice, this study will have been a noble effort to improve the flow of accounting information and analyst forecasts into market prices. On the other hand, there has never been obvious justification for measures of cheapness to define value in the first place. Many investors simply use these factors out of convenience or tradition, while many others invest in products built upon them with little understanding of the classification error they introduce. […more]
2019 was a triumphant year for the US large cap equity market, with the S&P500 index up 31% on a total return basis. The resolution of two major concerns in the year, namely the US […more]
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