Newspaper Page Text
6A
October 21, 2004
Business
Choosing an equity style
By CONSTANCE WOODS
Financial Consultant
Equity portfolios are
usually characterized by
one of two basic invest
ment styles: growth or
value. The strategy that’s
applied to selecting each
style of stock is opposing
ly different.
Growth-oriented
investors look for compa
nies that they believe can
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deliver above-average
earnings growth in the
future, regardless of eco
nomic conditions. The
stocks of these companies
are typically not “cheap”
and are evaluated with a
view toward determining
whether they can improve
their earnings in the
future - through the
development of new
products, expansion into
new markets or invest
ment in new technology.
Value-oriented
investors, on the other
hand, seek companies
that appear undervalued
in the context of the pres
ent or near future — com
panies where the market
has under-appraised the
firm’s actual earning
power or underlying
assets. Value companies
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tend to sell for lower
prices relative to their
current earnings and
assets; the belief is that
other investors will recog
nize that the stock is a
bargain and will bid its
price higher.
Which Style Is Best?
Owning both styles in
your portfolio may be
appropriate. Trying to
guess which style will be
in favor when is futile. So,
rather than chasing per
formance, you may want
to take time to review the
pros and cons of both.
Keep this fact in mind: As
for returns, research
shows that, historically,
both growth and value
strategies have outper
formed over time, but
they have done so during
different economic cycles.
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R B R O s B R
Past performance is not
a guarantee of future
results.
Constance Woods is a
Financial Consultant with
Smith Barney. For more
information, contact
Constance L. Woods at
(706) 823-8144 or con
stance.L.woods@smithbar-
ney.com. Website :
http://lwww.fc.smithbar
ney.com/woods.