Investing in Innovation Fund (i3) Application Package(MS Word)

Why Value Investing Works. Richard Pzena: 1960-2005 S&P 500 Value Benchmark: Low P/E, Low P/Sales Difference Returns 11% 16.3% 5.3 1995 – 2000 Returns 163% 71% -91% Note the LT outperformance of Value Metrics but the 5 year or more periods of underper-formance. Value Investing works because it doesn’t work all the time ................
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