WHAT IS VALUE INVESTING AND WHY IT MAKES DOLLARS AND SENSE in C#.NET

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WHAT IS VALUE INVESTING AND WHY IT MAKES DOLLARS AND SENSE
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EXHIBIT 3-2 Select Value Investors versus the S&P 500 Vanguard Windsor Annualized return: 1973 2002 Number of negative years Number of years of underperformance vs S&P 500 129% 5 Sequoia Fund 169% 5 Berkshire Hathaway 255% 6 S&P 500 106% 8
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Note: Past performance is no guarantee of future results Reinvestment of dividends and capital gains assumed Taxes and other expenses are not included Indices are unmanaged and cannot be directly invested into Sources: Vanguard Windsor: wwwvanguardcom; Sequoia Fund: wwwsequoiafundcom; Berkshire Hathaway: Compustat; S&P 500; Bloomberg, as of December 31, 2002
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30 years under review and each underperformed the market at least onequarter of the time But the fact that superior overall results were achieved despite an occasional short-term stumble highlights the importance of adopting and maintaining a long-term horizon
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Critics might argue that the extraordinary track records compiled by these value investors are the result of simple chance I disagree In my opinion, what distinguishes the results achieved by each of these value-investing practitioners is that each set out with the preestablished objective of following an investment approach based on Graham s principles To borrow an analogy from Warren Buffett, if you could get a million monkeys to sit in front of typewriters for a million years and bang on the keys, one result, through some quirk of chance, may produce something akin to Shakespeare s Hamlet But none of those million monkeys would have set out to create a finished work comparable to Shakespeare s masterful tragedy Instead, it might have happened by accident I believe the results achieved by the investors cited above were no accident Each followed Graham s approach and each delivered solid long-term results
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THE VALUE PEDIGREE AND THE REWARDS OF VALUE INVESTING
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After reviewing Exhibit 3-2, you may wonder if these superior returns were the result of each manager s magical touch Can the average value investor expect to do as well Good questions Certainly some portfolio managers are more skilled than others Not all investors will achieve the same results, even if they apply the same selection criteria As in any profession, skill levels vary But evidence also suggests that value investors have the benefit of a superior approach to portfolio management In other words, given the same level of expertise, the value investor tends to win over the long haul The LSV study noted earlier concluded that [certain] value strategies outperform glamour strategies by 8% per year The same researchers also found that the value strategy clearly does better when the market falls The value strategy performs most closely to the glamour strategy in the 122 positive months [of the study] other than the best 25 In the very best months, the value strategy significantly outperforms the glamour strategy and the [market] index, but not by as much as it does when the market falls sharply Overall, the value strategy appears to do somewhat better than the glamour strategy in all [economic] states and significantly better in some states
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MORE RETURN, LESS VOLATILITY
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Earlier, I cited lower volatility as an additional advantage of value investing The LSV study, as well as returns and volatility statistics for the Russell 3000 Index, suggests that value stocks have delivered exceptional returns with less volatility For example, as previously addressed, returns for the Russell 3000 Value Index outpaced gains for the Russell 3000 Growth Index between 1979 and 2002 In addition to delivering better performance, the Russell 3000 Value Index had a lower standard deviation of quarterly returns (76 percent versus 105 percent) over the same period, reflecting lower volatility High returns and low risk Sounds too good to be true First of all, it s vital to recognize that the terms volatility and risk often are used synonymously yet they can have quite different connotations In 11, I ll delve deeper into common misperceptions regarding volatility and risk For now, I adopt the common vernacular for the purposes of this discussion We ve all heard the investing maxim, The only way to achieve higher returns is to take more risk That statement is true if the assets you invest in are all priced efficiently (price = intrinsic value) But if our view that stocks get mispriced regularly is correct, then you indeed may be able to
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