Graham and Doddsville -- Value Investing In The New Era Message Board

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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era

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To: Axel Gunderson who wrote (482)	7/9/1998 5:49:00 PM
From: porcupine --''''>	Read Replies (4) of 1722

Very interesting analysis, Axel. I probably should repeat more often that I am assuming that most of us have an investment time horizon of at least 20 years or so. And, I am also assuming that most of us are adding to our portfolios annually, thereby taking advantage of a dollar-cost-averaging-type effect. I don't think there is any 20-year span in stock market history when dollar-cost-averaging into an Index product would not have outperformed any other asset class -- even if one were to begin just before the onset of a major Bear Market. Further, given the narrowness of the leadership in the Index (only about 50 out of 500 stocks), it seems to me that the relative advantage of undervalued stocks is increasing in favor of enterprising investors, if they are patient (a big "if", I admit).

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