0000001636 00000 n ?�����ӏ���.�������v~�uz|};�>~���?����c���ϟ�����������ן?��������?��o�������y�};^���mi�9̨������)������8�>���o������;v���E.���#�ǯs���x�����~>�>,v~�]�A����Ҵ�\�"���h��o���t�\�sN(����u�@,��� ���K�F���:�N_�ۗ�n�.�G?w:=�%��v��N��t;�f��o��S�tE$|���a���@�_m/���xy\����p�,O�R�����N�wķ�k���+�;���F��v����:B`��r�~������r�9_�k�罕�t����8�7�;��㞑������њ#[*����a!��ӷ��r�� It shouldn’t be so, but as a +27-year veteran in the investing “business” I can assure you that this investing-style division is deeply embedded in the investmentmanagement industry. ��$�� O�, d&�U<= 0� 0000005165 00000 n - %��������� h�bbd```b``>"[�d5�d��0U�H�H0;,�f_�o��S��e`����&�A�f �b��3�@$w�^f ��I������$������� � XZ 0000011790 00000 n B��n�w솜7�v?�G?b�8�ڰ����r3T���. 0000002944 00000 n 0000014917 00000 n 0000000676 00000 n ���;\f�8�������!�g����v="B0��� � p����]�w�Xj���ӷ����=NG��\C��庀�1r{�v�!~?w�Na�t�t;�]��S������V�:b����z�������t?�� 2Q����!,a:�Bj��p��F�(���BYк���}�]|����ӷ�L���1B6����X(`fTX'�8���8UqO��t�:~� ��@q�·ék�:#��@(��m������(�1�Nmt�v�c����SZ�7S�y�c���t startxref 0000001512 00000 n %PDF-1.5 %���� Panel A of the table draws from Fama and French (1992), who sorted stocks on the NYSE, Amex, and Nasdaq markets into … x��ۮl�u&����l�7�2}�� ��Q�6`�Q %��(��l�����Ĝ��Y��E@���#bF��q����������? 137 0 obj <> endobj The first approach was established by Benjamin Graham and is used to calculate intrinsic value and provide some statistical guidelines for investing in a company. Our choice of studies has not been selective; we merely included most of the major studies we have seen 0000012829 00000 n 137 19 0000001322 00000 n 635 0 obj <> endobj hެ�mO#7ǿ�_�������xj��\�x��5lP�'���3P��N��e����7���&Fg\A� edd��P����Σ��Q�'㲎���(M���08Y�è����:��ysc"G����R�Ӫw諾�����̛j��:����I5�3�W[}8_�|8?5��n�������_tm�����vGî�jT��C?nwW柏���VB���q3���d/���o��T���vn(T�Ӷ�ߟ~��q�YmĹ$������O���g���n. H��W]s�6��~Lgr}%Y�����Ǵ�/�C�g�p6�l���W�v��!��kiu����?�Pe!��_�d��W���.�>7;���e�������}v_�u&U!��c����ϙ���K��'�3X_e��e�HQr�/���O����~��g!E��SQN�䦝�.�ϴ�RB,S�s�=�� ��!�h�i� M��=�-. Large-cap value investing requires a different set of search tools, focusing on fear rather than neglect. 4 0 obj Benjamin Graham’s x�b```"v�+� ��s\� ��i9��Nߺ�3I�5(�5g�s���iǭ��}e9����6-Ze�� stream 0000001095 00000 n 0000009627 00000 n %%EOF 0000000016 00000 n Expected Value that will be created by future investments If you are a value investor, you make your investment judgments, based upon the value of assets in place and consider growth assets to be speculative and inherently an unreliable basis for investing. %PDF-1.6 %���� The goal of the study is to find the intrinsic value of listed public Finnish companies. 0000008487 00000 n The the-sis will use two approaches. <<177DB0E747E51D479AF4D8F095BF53A7>]>> 0000001194 00000 n %PDF-1.3 endstream endobj startxref 0 h�b```�~Vvaf`��0p, s[8@�����9_�X�:� ��`�yd��|a��_h_�@e.���t8��0��j�h/m�Zs��t�9~5J"s�7w���$ґW�"�{~B��Vu����`B����ُDv�s��� rŚ�*��X�y�L��&�7��r&����X��I������\g[��8�Vq.��qBS�Ώ� � �� vw4p4� � NH���A����g� ���pQ�@GY�&����K��#�A�Q���ɐI������c=S+�SS�J&'�����9eq�1���p�o0�~CCӂ��� �fc`�Q�Ǡ�6 �D �`�� xref 0000006242 00000 n endstream endobj 636 0 obj <>/Metadata 62 0 R/PageLayout/OneColumn/Pages 629 0 R/StructTreeRoot 73 0 R/Type/Catalog>> endobj 637 0 obj <>/ExtGState<>/Font<>/XObject<>>>/Rotate 0/StructParents 0/Type/Page>> endobj 638 0 obj <>stream vernacular of investing, “Value” and “Growth” are most often associated with competing, mutually exclusive investing styles. ��K`�a�4�C�ؖv�@��� P�&Ƞ�A���fbm n`c�d Gk \U��xT�D� �;�i 672 0 obj <>stream 659 0 obj <>/Filter/FlateDecode/ID[<894BF43D7A060C41B839B6947B3077E5>]/Index[635 38]/Info 634 0 R/Length 112/Prev 785790/Root 636 0 R/Size 673/Type/XRef/W[1 3 1]>>stream 155 0 obj<>stream What Has Worked In Investing is an attempt to share with you our knowledge of historically successful investment characteristics and approaches. Returns on Value Investing The results from three key early studies of the returns from value-growth investment strategies are summarized in Table 1.