Usa "overvaluation" in una frase
overvaluation frasi di esempio
overvaluation
1. So far we have looked at the birth of the bubble crowds that formed during the stock market run-up from fair value in 1994 to extreme overvaluation in 2000
2. The return to fair value from a point of overvaluation will leave investors with losses
3. I am convinced that the difficulty of identifying periods of market overvaluation means that the contrarian trader, especially the novice, should focus his efforts on identifying and exploiting periods of market undervaluation
4. ” In the meantime, I think the way to proceed is to adopt an asymmetrical approach to this problem by developing criteria for identifying overvaluation that are more stringent than those for identifying undervaluation
5. These were two of the three distinct instances of extreme stock market overvaluation during the past 100 years
6. This sort of extreme overvaluation does not occur very frequently, perhaps once or at most twice in the lifetime of a contrarian trader
7. But how might this be done? Are there any common features in the price fluctuations preceding these important stock market tops that might have warned of gross overvaluation?
8. I have just illustrated how a contrarian trader can identify situations of extreme overvaluation in the stock market
9. Can the method I have just illustrated be adapted so as to help identify these situations of less extreme overvaluation? I believe it can
10. But first a warning: I think only an expert, experienced contrarian trader should attempt to identify these less extreme periods of overvaluation
11. This sort of novice error can be avoided by remembering that a bullish market crowd forms only when the market chart is obviously showing a strong and durable upward trend and the market tabulations described in Chapter 6 warn of potential overvaluation
12. By doing this the contrarian trader is trying to participate in a market move that will bring the price from fair value up into the rarefied air of extreme overvaluation
13. Bullish market crowds tend to last longer, are harder to identify, and may carry prices to levels of overvaluation that no one can imagine
14. But once the S&P 500 reached the 250 level in 1986 and had risen 65 percent from its July 1984 low at 148, the conservative contrarian trader would have reduced his stock market exposure to normal levels because the bull market had entered a zone of potential overvaluation based on historical tabulations
15. ” The boom in Internet-related stocks had begun, but, as usually happens, no one could imagine the heights of overvaluation that these bubble stocks would reach
16. This met the minimum standard for potential market overvaluation
17. Moreover, at the time I thought that the advance from the 1982 lows would take about five years before significant levels of overvaluation could be reached
18. It seemed that the bull market that had started from the 2002 lows had not yet entered a zone of overvaluation, and neither had a bullish stock market crowd been evident from the material I preserved in my media diary
19. In August 2004 the market averages had not yet entered zones of potential overvaluation, according to my historical tabulations
20. In 1929 and 1972, two instances of extreme overvaluation, this ratio stood at 0
21. In our discussion of the valuation of common stocks, later in this book, we shall point out that the placing of preponderant emphasis on the trend is likely to result in errors of overvaluation or undervaluation
22. This “water” in the balance sheet was not shown as a good-will item, as in the case of Woolworth, but was concealed by an overvaluation of the fixed assets (i
23. This results of course in an absurd overvaluation, to be followed by collapse and a correspondingly excessive depreciation
24. Perhaps the most famous example of this phenomenon occurred in the late 1980s, when the Japanese stock market rose to greater and greater heights, ultimately reaching an absurd level of overvaluation
25. They frequently bring to light instances of undervaluation or overvaluation or lead to the conclusion that the securities of one enterprise should be replaced by those of another in the same field
26. OUR EXPOSITION OF THE TECHNIQUE of security analysis has included many different examples of overvaluation and undervaluation
27. (Even this price represented a gross overvaluation of the enterprise, since it had just entered the bankruptcy court in a hopeless condition
28. The very class of secondary issues that had formerly supplied by far the largest proportion of bargain opportunities was now presenting the greatest number of examples of overenthusiasm and overvaluation
29. This time the overvaluation was much worse than before
30. Of course the paying of higher multiples with easy credit can lead to overvaluation, potential folly and irrational behavior in the market place
31. An equity market bubble is an extreme form of aggregate market overvaluation
32. If the bubble story above says that shifting investor sentiment over time creates periods of overvaluation and undervaluation in the aggregate equity market level that a contrarian market-timer can exploit, then varying investor sentiment across individual stocks creates cross-sectional opportunities that a contrarian stock-picker can exploit
33. The authors attributed long-term reversal to investor overreaction—the reversal part represented a correction after excessive overvaluation or undervaluation
34. Persistent success in turn attracts return-chasing inflows, which improves Sharpe ratios further and results in overvaluation and overcrowding
35. The long-run realized Sharpe ratio above 1 for carry strategies, widely reported in the mid-2000s, was never sustainable, as it included a period of overvaluation and overcrowding but not its unwind
36. If, say, the aggregate market or certain asset classes vary between overvaluation and undervaluation, investors with market-timing skills can improve long-run returns only if they are not locked into illiquid investments
37. In the absence of good forward-looking anchors, the expected return may even become negative, due to overvaluation and overcrowded positions
38. Loeb, a highly successful financier, stressed “once the price has risen into estimated normal or overvaluation areas, the amount held should be reduced steadily as quotations advance
39. Enterprise value works well as a guide to under- and overvaluation when contrasted to EBITDA, free cash flow, and sales
