By Goetzmann W
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Additional info for Patterns In Three Centuries Of Stock Market Prices
The fact that so many choices are available to the individual investor reflects that each investment strategy has its advantages and its drawbacks, its past successes and failures. You, the reader, are left with a bewildering array of choices. The good news is that the range of options might present the opportunity to outperform the market. Here we begin to lay out the choices you have that are the building blocks of a successful investment strategy. Later chapters of the book show you how to take advantage of the options available to you.
Growth stocks generally appear expensive relative to the overall market in terms of their current earnings, dividends, or book values. Investors buy these stocks because the companies appear to have better future prospects than the typical company. Industries represented most heavily in growth stock indexes have included technology, health care, and consumer staples. Indexes that do not attempt to separate growth and value stocks are called blend indexes. The S&P 500, composed of large-cap stocks, is an example of a large-cap blend index.
There have even been times when stocks of one size were profitable overall while the other lost money. 6 percent during the same year. 9 percent. The point to draw from these examples is that the success of a small- or large-cap investment can depend critically on when you make it. Clearly, it has been important to be in the right place at the right time. As you will see in Chapter 8, “When to Live Large,” a successful strategy that allocates investments to large versus small stocks might by itself significantly increase investment performance.