By David S. Roche, Robert G. Zielinski, Richard Bernstein, Nigel Tupper, Robert J. Schwob, Donald M. Krueger, Michael C.M. Wilson
The authors of this court cases supply readers helpful perception into the marketplace research, examine innovations, and funding ways which could bring about winning making an investment within the Asian fairness markets. the major message brought is that Asian markets aren't U.S. markets. funding determination making may still leisure on basic standards, however the standards needs to take note of neighborhood components.
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Interestingly, one of the most successful value strategies in Australia during the 1990-97 period has been low PIE. The P IB strategy and PIC strategy were also successful in Australia during this time period. Growth Strategies. Although value strategies are currently successful in Australia, one growth strategy-investing in stocks with recent upward earnings revisions-has consistently worked well, as shown in Figure 10. This growth strategy simply looks at the percentage of brokers upgrading earnings revisions from the prior month.
We believe quantitative models simply quantify fundamentals. Thus, as the profit cycle turns in Malaysia, we expect the earnings revisions strategy coupled with the value strategy, which has been consistently outperforming, to be one of the best ways of picking stocks. We expect this model to continue to outperform. Singapore Because the profit cycle is heading down in Singapore, we do not expect value to start outperforming growth. At Merrill Lynch, our top-down forecast shows that Singapore may be one of the first countries to have an improvement in the profit cycle.
EPS Revision 80 '--_ _--'--_ _----L_ _- - - ' 12/88 12/89 12/90 12/91 - L -_ _-'---_ _- - ' - 12/93 12/92 12/94 ' - -_ _~_ _---' 12/95 12/96 12/97 Note: Relative total return versus equal-weighted MSCI country index. Source: Based on data from l/B/E/S International and MSCL Earnings Momentum, Value, and Optimism. The model that combines value, growth, and optimism in Hong Kong has been running for more than two years. This model shows that the long portfolio has outperformed by 47 percent; the short portfolio has underperformed by almost 54 percent, as shown in Figure 15.