Value

The divergence between Small Cap Growth and Value performance continues to widen. It has been all Growth since August 1998.

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Large Cap and Growth was where you needed to be in the first nine months of 1999.

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There were unprecedented sudden and dramatic changes in market character in April. Have Cyclicals become the new market leaders? Is Value investing finally going to start paying off again? Is the extended period of small cap underperformance finally over?

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We plan to replace the Semiconductors with a new 8% holding in Classic Value. Banks still dominate this screen.

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Growth stocks have been out of favor over the past 3-4 year, but look poised to regain leadership over the next 6-12 months.

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When value investing requires so much effort just to locate purchase candidates, you might want to re-evaluate your equity sector asset allocation strategy if you have that option. What do the growth stocks look like?

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This month we added three new stocks from Jim Floyd’s “Undervalued & Unloved” screening work, boosting our current commitment to value stocks to 16% of portfolio assets. We now believe Value's downtrend has reversed and this view seems to be confirmed by the relative strength line.

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Are Value Managers an Endangered Species? Some observations and analysis. Also, a critical look at the S&P Mid Cap Index and have you ever been in Voice Mail Jail?

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The November 1985 issue of this publication featured a piece “Really Understanding Undervalued Investing”. In recent months, some readers have asked for reprints of this piece - this 1985 projection is now reality.

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Are you a value investor? Or are you a sub-value investor? “In Focus” this month deals with the different approaches to being an “undervalued investor” - both past and present. Today’s risks and rewards of being an undervalued investor are explored.

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How High the Moon? How much longer can the strength in the dollar continue?.....Change in Outlook For “Value Stocks? Not really. Several months ago, this publication expressed concern over the growing popularity of “value” investing, reducing portfolio emphasis. Then in this issue we added three new “value” stocks to the portfolio. What’s going on?

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Ruminations from “The Road” – Recent visits and client lunches in New York, Philadelphia, Baltimore and earlier in San Francisco and Seattle have played an important part in what follows… Playing Interest Rate Politics – Polls were taken at our two June luncheons in New York to see what impact our guests thought a move in interest rates, prior to the November election, might have on the stock market.

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