Reprinted courtesy of MarketWatch.com.
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That means there’s less demand for value stocks. Less demand means lower prices. Lower prices can mean bargain prices.ELIGOR CITROEN 11 BL TRACTION AVANT - BEIGE BROWN 1 20 - EXCELLENT IN BOX,.”
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Spark 1 43 Interscope Porsche 935 Winner Daytona 24 Hrs 1979 Ongais Haywood,.2%, enough to turn a one-time investment of $100 into $1,104,778.
(The S&P 500, by comparison, returned 9.8%; $100 would have grown to $346,261. There’s a striking lesson in the huge difference an extra 1.2 percentage points of return can make if given enough time.)
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As with the S&P 500 there is good and bad news.BMW 323I E30 WHITE 1982 Minichamps 155026005,. In its best year, 1933, this asset class was up a whopping 92.7%.
But the bad news is strikingly bad.1 43 Bizarre Lola T297 Ford Hours of LeMans BZ171,. That was more than 80 years ago, but it shows what can happen.
This asset class is more volatile than the S&P 500. In 1931 the S&P lost “only” 43.3%; in 1933, that index was up “only” 54%.
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The best 15-year period ended in 1989 with a compounded return of 21.7%. The worst, from 1928 through 1942, ended up with a compound loss of 1.4%.
(The average return of all 15-year periods was 13.2%, compared with 10.7% for the S&P 500.)
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This underscores one of my complaints about Vanguard’s Total Stock Market Index Fund US:VTSMX , which has only about 36% of is portfolio in value stocks.Camion Berliet VSA citerne Pégase Rétro 87 SAI COLLECTION - SAI 4835 - Ech 1 87,.)
The allure of value investing doesn’t stop with large-cap stocks.WOW EXTREMELY RARE Mercedes W107 R107 350SL Cabriolet 72 gold m 1 43 Minichamps,. And value works in foreign markets, too, as we shall see.
For more on this topic, check out my podcast, 1 43 Spark Audi R15 TDI Car Hours of LeMans S0688,.
Richard Buck contributed to this article.