March 31st 2013 performance results

This graph shows the performance of the screens for value over the last 8 1/2 years.  The spread between the two had declined to 649 basis points per annum in favor of the Undervalued.

Relative to the S&P 500, the numbers are +5.4% and -1.1% pa.  Relative to our universe the numbers are +2.6 vs -3.9%.  In absolute terms, $100 is worth $221 vs $129.

The last quarter saw continued out performance by the Overvalued.  They averaged +6.4% vs -3.0% relative, or +16.4 to +7.0% in absolute terms.  All figures exclude income.

Robert L. Colby