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Invest with the Fed: Maximizing Portfolio Performance by Following Federal Reserve Policy by Luis Garcia-Feijoo, Gerald R. Jensen, Robert R. Johnson

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CHAPTER 2

MONETARY CONDITIONS AND STYLE INVESTING

Value investing is at its core the marriage of a contrarian streak and a calculator.

Seth Klarman from a speech at the CIMA conference, October 2, 2008

It has become standard operating procedure to classify investors in common stock according to their underlying investment philosophies or styles. The investment style followed by an equity investor is determined by the basic features of the securities that theinvestor chooses to include in his or her portfolio. Some investors focus on identifying out-of-favor or underappreciated securities and are classified as value investors. Value stocks are typically identified as stocks selling at a low price relative to a fundamental factor such as earnings ...

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