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.1985 GI JOE ACTION FORCE COBRA HYENA v2 RED HISS 100% COMPLETE PALITOY UK HTF,.”
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(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.WESTERN MODELS MASERATI 450S 450 S RALLY RED NEAR MINT CONDITION,. In its best year, 1933, this asset class was up a whopping 92.7%.
But the bad news is strikingly bad.MORESTONE ESSO PETROL PUMP SERIES VOLKSWAGEN MICRO BUS AVEC SA BOITE,. 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.TBLeague1 6 Suntan Female Body S06B Seamless Steel Skeleten Figure Rubber Model,.)
The allure of value investing doesn’t stop with large-cap stocks.Ruhrstahl Tanksattelzug Mercedes IMU 1 87 H0 å,. And value works in foreign markets, too, as we shall see.
For more on this topic, check out my podcast, Hummer H3 2006 4x4 4WD Yellow Spark 1 43 S0874,.
Richard Buck contributed to this article.