Capturing the Correct Part of a Stock’s Movement The Disappearance of Primary Ownership Reasons

Value Added from Fundamental Research

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We replace portfolio holdings later in their earnings cycle and at the high end of their valuation range with those that have the opposite characteristics. There’s not one absolute number against which all ideas are compared. This is the value added of fundamental research – using our judgment and experience to gauge where companies are in their valuation and earnings cycles.
Source: http://www.valueinvestorinsight.com/