When reason and history collide
Article Abstract:
The conventional wisdom is that May is a good mont to sell stocks, and US equities are overvalued in May 1999, so this might seem to be good advice. Corrections in US stock prices would hit British stock prices. Equities have tended not to perform well in the month of May during the 1990s. British equities have only performed better than cash in Jan, Apr and Dec, since 1968, on average, according to economist Richard Priestley, from the Norwegian School of Management. Investors may have depressed prices by not buying equities in May, however, so the pattern may have changed.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1999
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Why valuation tools lack value
Article Abstract:
Valuations of the stock market may not always be reliable indicators of how the market will perform. Earnings and dividend yields are often used as yardsticks. Some measures can be used to forecast changes in markets when they have greatly deviated from long-term averages. Measures have to revert to averages if they are useful toold for forecasting. Investors may attach importance to valuation tools because they seek certainty rather than because these tools follow an economic logic.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1996
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When history matters
Article Abstract:
Factors affecting the performance of British and US equities are examined in detail.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 2000
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