The Ledger
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Inker: Historical crises dilute diversified equity portfolios by at most 5%
“Historically, apart from events of, frankly, revolution and regime change, we haven't seen profoundly dilutive events. We've seen things where you got diluted A few percent, maybe as much as five percent.”
Inker: Value historically beats market by 1% despite 3% earnings undergrowth
“Historically, they traded at a 25% discount, and they undergrew by three percent a year, and it turns out that a 25% discount and three percent a year undergrowth allows you to outperform by a point a year.”
Inker: Pre-2020 value investing drought mirrors the 1994-1999 era
“2000 to 2002 was a wonderful period for value. The similarity to the 1994 to 1999 period is this has been another dreadful period for value as a strategy. We see that kind of on a individual stock level. It's also been a lousy period for valuation driven inves…”