Abstract
Value investing produces above-average returns that are enduring and available globally. Two behavioral axioms—(l) value equals anxiety and (2) reversion to the mean—underlie the performance of value investing. Empirical evidence in the United States and other developed markets attests to the veracity of the axioms and to the level of the performance.This presentation comes from the Equity Investing: Value and Growth conference held in New York, New York, on February 15, 1995.
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