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Strategies & Market Trends : Value Investing
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To: - with a K who wrote (18452)1/15/2004 12:30:26 AM
From: jeffbas  Read Replies (1) of 78530
 
I will try again. At the end of the bear market, those companies were priced for bankruptcy exactly because of the absence of good characteristics. The better quality companies were not. It was totally expectable that when almost all survived the average performance was far superior in 2003, because the large bankruptcy risk discount was removed.

The most notable example is SONS which went from 18 cents in 10/02 (on death's door) to nearly $10.

As a class I doubt these stocks will do materially better this year, and might well do worse.
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