A unique guide that combines the best of traditional valuetheory with an innovative approach to assessing value in low ornon-dividend paying stocks In the 1990s, America's focus on productivity and innovation ledto huge gains in technology, communication, and healthcare stocks,and contributed to the transformation of the U.S. stock market froma value (dividend-paying orientation) to a growth(nondividend-paying) bias. During this time, forward thinking valuemanagers began to develop analytical tools for valuing nondividendpaying stocks. These tools allowed them to evaluate and identifythe best investments in both traditional and nontraditional valuesectors. At the forefront of this movement was author Nancy Tenglerwho, along with Noel DeDora, developed "Relative Value Discipline,"an approach-which combines two proven methods for valuing growthstocks: Relative Dividend Yield and Relative-to-Price Sales. Thecombination of these approaches allows individuals to invest acrossthe investment universe regardless of dividend policies. New EraValue Investing introduces the proven method known as RelativeValue Discipline by combining the excitement of developing a newinvestment discipline with the lessons learned through theapplication of this new methodology in the real world. In additionto providing an insider's look at an investment manager'sexperience in adopting a new investment approach, this book createsa context for understanding the transformation of the U.S. economy,and offers expert insights beyond those of traditional valuetheory. Nancy Tengler (San Francisco, CA) is President and ChiefInvestment Officer of Fremont Investment Advisors. She is coauthorof Relative Dividend Yield: Common Stock Investing for Incomeand Appreciation (Wiley: 0-471-53652-0). She has appeared onnumerous financial radio and television programs, including CNN/fnand is frequently quoted in financial publications such as TheWall Street Journal.
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