(Update 2022) In this article to we are going to take a look at British expat stock brokers. “Swedroe: Examining Factor Persistence,” September 17, 2018, ETF.com, available at. Data via Bloomberg.ħ MSCI World Value Index current price-to-index trailing 12-month earnings versus MSCI World Growth Index current price-to-index trailing 12-month earnings. “The Remarkable Accuracy of CAPE as a Predictor of Returns,” Advisor Perspectives, July 20, 2020, available at articles/0/the-remarkable-accuracy-of-cape-as-a-predictor-of-returns-1.Ħ MSCI World Value Index price-to-book value versus MSCI World Growth Index price-to-book value for the period starting January 1, 1995, and ending February 26, 2021. “An Exceptional Value Premium,” October 5, 2020, available at. Is There Still a Case for Value?, 2020, available at. “Vanguard Submits to Value Curse, Plans to Fold Active Fund Into an Index,” Investment News, July 29, 2020, available at. In summary: When statistically strong, third-party, peerreviewed research can provide economic foundations for why valuations are no longer relevant across multiple geographies and asset classes, then value investors should change their minds. It is intuitive, therefore, that value investing should have higher expected returns. Paying lower prices for equivalent future cash flows provides higher investment returns. When it comes to economic intuitiveness, at its core, value investing is about paying lower prices for assets that will provide future cash flows. The academic research supports the persistence, pervasiveness and robustness of value investing, despite value’s recent challenges. Investability: Can Canadian families invest in the strategy? Can the strategy be held without costs being catastrophic to returns?.Intuitiveness: Does the strategy have an economic reason for existing that is, does it make sense?.Robustness: Does the strategy work across various measurements (such as for both price-to-book and priceto- earnings)?. Pervasiveness: Does the strategy work across different geographies and asset classes?.Persistence: Has the strategy provided relatively reliable returns over long historical periods and different economic regimes?.Investment researcher Larry Swedroe has a concise, five-step model that we find particularly useful for analyzing this conundrum 8:
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