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TWEEDY, BROWNE COMPANY L.P.
What Has Worked in Investing
(continued from preceding
page)
Austria France Netherlands Spain
Belgium Germany Norway Sweden
Canada India Philippines Switzerland
Columbia Japan South Africa United Kingdom
Finland
The Canadian data consisted of monthly capital gains on the Toronto Stock Exchange. Monthly returns, including dividends, on the Financial Times-Actuaries Share Price Index were used for the U.K. For the 15 other stock markets, monthly returns from the international Monetary Fund's International Statistics were examined.
The authors concluded that stock returns throughout the world tend to revert toward a mean average return over longer periods of time; i.e., more then one year. Current high investment returns tend to be associated with higher investment returns in the future. The authors suggest the desirability throughout the world of investment strategies involving the purchase of shares whose prices have declined significantly.
Stocks with the Worst Prior Investment Results in the United Kingdom
In The Over-Reaction Effect - Some U.K. Evidence, by D.M. Power and A. A. Lonie, Professors at University of Dundee and R. Lonie of Grove Academy, Dundee, the 1983 - 1987 five-year investment results of the thirty stocks with the worst investment results from the beginning of 1973 through 1982 (about ten years total) were compared to the thirty stocks with the best investment results over the same period and to the overall stock market. The thirty worst and best performing stocks over 1973 through l982 were from a list of the top 200 U.K. companies in Management Today, June 1982. The results are presented below:
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30 Worst Performing Stocks, 1973 - 1982 30 Best Performing Stocks, 1973 - 1982 Market Index |
1973-1977 |
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