Value stock returns are impossible to estimate using the traditional methods, because most of the excessive return arises from the slow improvement in valuations that occurs as doggy stocks become less doggy over time.


Chapter 2, Measuring The Beast, p. 68. - The Four Pillars of Investing (2002)

William J. Bernstein Quotes

Value stock returns are impossible to estimate using the traditional methods, because most of the excessive return arises from the slow improvement...

Value stock returns are impossible to estimate using the traditional methods, because most of the excessive return arises from the slow improvement...

Value stock returns are impossible to estimate using the traditional methods, because most of the excessive return arises from the slow improvement...

Value stock returns are impossible to estimate using the traditional methods, because most of the excessive return arises from the slow improvement...