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WALL STREET - Investing Styles
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Growth or Value

(Source: Ibbotson Associates) (http://www.troweprice.com/gcFiles/gif/chtInsInvestCommonSourceStock.gif)

Growth vs. Value: annualized range of returns for the two strategies

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October 11, 2008 - S & P 500-stock index trading at about 13x projected 2009 earnings (lowest level in decades; Treasury bond paying < 4% interest); early 2000 - traded at about 30x earnings (highest level in history at height og technology bubble; Treasury bond paid 6% interest):


Investing Returns (1990-2009) - 8 Relative Asset Classes (industry-standard market indexes used as proxies for each asset class), ranked from best to worst: (blue = S&P 500, raspberry = S&P/Citi 500 Growth stocks, yellow = Russell 2000 Value, white = MSCI EAFE index of foreign stocks,  green = Barclays Capital Aggregate bond Index)


(Contrarian), David N. Dreman (1982). The New Contrarian Investment Strategy. (New York, NY: Random House, 343 p. [rev. 1979 ed.]). Speculation; Stocks; Investments.]

(Contrarian), Steven L. Mintz (1994). Five Eminent Contrarians: Careers, Perspectives, and Investment Tactics. (Burlington, VT: Fraser Pub. Co., 129 p.). Capitalists and financiers--United States--Biography; Investments--United States. Humphrey B. Neill ... John B. Neff ... Dean LeBaron ... David L. Babson ... Michael Aronstein.

(Contrarian), David N. Dreman (1998). Contrarian Investment Strategies: The Next Generation: Beat the Market by Going Against the Crowd. (New York, NY: Simon & Schuster, 464 p.). Speculation; Stocks; Investments.

(Contrarian), Nathan E. Davis (2004). The Triumph of Contrarian Investing: Crowds, Manias, and Beating the Market by Going Against the Grain. (New York, NY: McGraw-Hill, 177 p.). Investments Psychological aspects; Speculation Psychological aspects; Stock price forecasting; Investments Decision making. 

(Focus), Robert G. Hagstrom (1999). Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategy. (New York, NY: Wiley, 246 p.). Senior Vice President and Director of Legg Mason Focus Capital. Buffett, Warren; Investments; Portfolio management. 

(Growth), Valerie F. Malter (1999). How To Be a Growth Investor. (New York, NY: McGraw-Hill, 179 p.). Senior Portfolio Manager for Scudder's Large Company Growth Fund and Large Company Growth Institutional client accounts. Investments; Stocks. 

(Low $ Stocks), Bill Matthews (1994). Winning Big with Bargain Stocks: How to Invest Successfully in New Issues, Warrants, and Stocks of Turnaround Companies under $10 (Chicago, IL: Dearborn Financial Pub., 218 p.). Investments--United States--Handbooks, manuals, etc.; Stocks--United States--Handbooks, manuals, etc.

(Low $ Stocks), Richard L. Evans (1999). Finding Winners among Depressed and Low-Priced Stocks: Discovering Hidden Values in the Stock Market (Lincolnwood, IL: Contemporary Books, 324 p. [3rd ed.]).  Stocks--Prices--Charts, diagrams, etc.; Speculation; Stock price forecasting.

(Value), John Train (1987). The Midas Touch: The Strategies That Have Made Warren Buffett America's Pre-Eminent Investor (New York, NY: Harper & Row, 160 p.). Buffett, Warren; Capitalists and financiers--United States--Biography; Investments--United States.

(Value), Seth A. Klarman (1991). Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor. (New York, NY: HarperBusiness, 249 p.). Hege Fund Manager ($7 billion Baupost Group - founded 1983). Value investing; Stocks; Junk bonds. Specific 'worthy' opportunities; high returns (average annual return of 19.5% since 1983, declines in 11 of 97 quarters) plus high cash levels; obsessed with 'potential crises' (sources of market declines).

(Value), Robert G, Hagstrom (1994). The Warren Buffett Way: Investment Strategies of the World's Greatest Investor (New York, NY: Wiley, 274 p.). President and Director of Legg Mason Focus Capital. Buffett, Warren; Capitalists and financiers--United States--Biography; Investments--United States. 

(Value), Janet Lowe (1994). Benjamin Graham on Value Investing: Lessons from the Dean of Wall Street (Chicago, IL: Dearborn Financial Pub., 246 p.). Graham, Benjamin, 1894- ; Capitalists and financiers--United States--Biography; Investment analysis; Securities--United States. 

(Value), Mary Buffett & David Clark (1997). Buffettology: The Previously Unexplained Techniques That Have Made Warren Buffett the World's Most Famous Investor (New York, NY: Rawson Associates, 320 p.). Buffett, Warren; Investments; Capital investments.

(Value), Martin J. Whitman (1999). Value Investing: A Balanced Approach (New York, NY: Wiley, 274 p.). Investment analysis; Securities; Corporations--Valuation.

(Value), Lawrence A. Cunningham (2001). How to Think Like Benjamin Graham and Invest Like Warren Buffett (New York, NY: McGraw-Hill, 267 p.). Compiler of the internationally acclaimed best-seller The Essays of Warren Buffett. Graham, Benjamin, 1894- ; Buffett, Warren; Investment analysis; Securities--United States. 

(Value), Timothy P. Vick (2001). How to Pick Stocks Like Warren Buffett: Profiting from the Bargain Hunting Strategies of the World's Greatest Value Investor (New York, NY: MGraw-Hill, 277 p.). Founder and Editor of Today's Value Investor. Buffett, Warren; Investments--United States; Stocks--United States. A $10,000 investment in Warren Buffett's original 1956 portfolio would today be worth a staggering $250 million ... after taxes! 

(Value), Kirk Kazanjian (2002). Value Investing with the Masters: Revealing Interviews with 20 Market-Beating Managers Who've Stood the Test of Time. (New York, NY: New York Institute of Finance, p.). Investment analysis; Stocks.

(Value), Charles H. Brandes (2003). Value Investing Today. (New York, NY: McGraw-Hill, 220 p. [3rd ed.]). Founder and a Managing Partner of Brandes Investment Partners, LLC (more than $50 billion under management as of December 31, 2002). Stocks; Value investing. Companies with solid business fundamentals that have current stock price less than intrinsic value.

(Value), Benjamin Graham; updated with new commentary by Jason Zweig (2003). The Intelligent Investor: A Book of Practical Counsel. (New York, NY: HarperBusiness Essentials, 623 p. [Rev. Ed.; orig. pub. 1949]). Graham - Former President of the Graham-Newman Corporation (investment fund); taught finance at Columbia University's Graduate School of Business and at UCLA. Securities, Investments. 

(Value), Frank Martin (2005). Speculative Contagion: An Antidote for Speculative Epidemics. (Bloomington, IN: AuthorHouse, 297 p.). 1987 - Founder, McDonald Capital Management, Inc.; 1991 - renamed Martin Capital Management. Stock Market Bubble, 1995-2000; Speculation--United States; Financial crises--United States. Annual reports written to clients during, after bursting bubble. Firm dedicated to achieving superior returns by buying relatively few high-quality businesses at prices that afford margin of safety, holding for  long term.

(Value), Christopher H. Browne; foreword by Roger Lowenstein (2006). The Little Book of Value Investing. (Hoboken, NJ: Wiley, 180 p.). Managing Director of Tweedy, Browne Company LLC. Investment analysis; Stocks; Investments; Corporations--Valuation. Buy stock of companies that trade for less than their intrinsic value to profit from their long-term performance.

(Value), Justyn Walsh (2008). Keynes and the Market: How the World's Greatest Economist Overturned Conventional Wisdom and Made a Fortune on the Stock Market. (Hoboken, NJ: Wiley, 212 p.). Director, Renaissance Capital. Keynes, John Maynard, 1883-1946; Investments; Investment analysis. One of world's first value investors; Keynes's 6 key investment principles for exploiting periodic irrationality of stock markets; net worth amounted to present-day equivalent of more than $30 million (built almost entirely through successful stock investments); college endowment fund he managed outperformed broader market over two-decade period; completely inverted his investment philosophy, switched from short-term speculator to long-term investor.

Richard Bernstein (1995). Style Investing: Unique Insight into Equity Management. (New York, NY: Wiley, 238 p.). Investment analysis; Market segmentation.

--- (2001). Navigate the Noise: Investing with One of Wall Street's Top Investment Strategists. (New York, NY: Wiley. Investments; Investment analysis.

T. Daniel Coggin, Frank J Fabozzi (2003). Handbook of Equity Style Management. (Hoboken, NJ: Wiley, 496 p.). Investment anagement consultant; Editor of the Journal of Portfolio Management and an Adjunct Professor of Finance at Yale University's School of Management. Portfolio management; Stocks; Investment analysis; Asset allocation. Comprehensive, up-to-date coverage of key issues; basics, rationale of equity style management, its latest developments; strategies to manage risk, improve returns.

George T. Friedlob, Franklin J. Plewa, Jr. (1996). Understanding Return on Investment. (New York, NY: Wiley, 237 p.). Capital investments; Rate of return.

Mohnish Pabrai (2007). The Dhandho Investor: The Low Risk Value Method to High Returns. (Hoboken, NJ: Wiley, 208 p.). Hedge Fund manager. Business enterprises--United States--Finance; Entrepreneurship--United States--Finance; Small business--United States--Finance. Businesses with predictable cash flows can be very profitable if run well.

Richard Phalon (2001). Forbes Greatest Investing Stories. (New York, NY: Wiley, 239 p.). Contributing Editor, Forbes Magazine. Finance, Personal--United States--Case studies; Investments--United States--Case studies; Success in business--United States--Case studies.

Richard J. Stillman (1986). Dow Jones Industrial Average: History and Role in an Investment Strategy. (Homewood, IL: Dow Jones-Irwin, 217 p.). Dow Jones & Co.; Stock price indexes -- United States.

James B. Woy (1973). Investment Methods; A Bibliographic Guide. (New York, NY: R.R. Bowker, 220 p.). Investments -- Bibliography; Investments -- Dictionaries.

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