| | | For the past 10 years, SENEA has shown up on P/B value screens, and yet it never to seems to consistently make any money. Still might be good for range trading, but perhaps not a business to own long term.
Speaking of which, are folks on this board still tracking their long-term performance? If so, how are things going? Value investing (in term of Price/Book) has underperformed the S&P 500 the last 10 years while value investing (in terms of Price/Earnings) has underperformed the last 5 years. Quant funds doing value keep getting crushed.
I scaled back my pure value investing many years ago. I'm a patient, but not enough to underperform for so long. Also, with tech taking more precedence in the economy, valuations like price/book don't make as much sense anymore. They just don't capture the inherent value inherent in platforms and software.
Although I still have a value bent, I've focused on some other areas of the market where I have a competitive advantage, focusing on investment vehicles where sentiment is poor and I can buy below NAV as well as exploiting trading patterns in exchange-traded debt and preferreds.
MC |
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