Asian Equity Investing by David S. Roche, Robert G. Zielinski, Richard Bernstein,

By David S. Roche, Robert G. Zielinski, Richard Bernstein, Nigel Tupper, Robert J. Schwob, Donald M. Krueger, Michael C.M. Wilson

The authors of this lawsuits provide readers beneficial perception into the industry research, examine ideas, and funding techniques that could result in winning making an investment within the Asian fairness markets. the major message added is that Asian markets will not be U.S. markets. funding determination making may still relaxation on primary standards, however the standards needs to bear in mind neighborhood components.

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In 1991, our C and 0 index was up 90 percent. The index absolutely exploded when the market began to realize that the economy was coming out of the recession. The best way to analyze this question is to review some of the junk bond studies. Remember, the quality considerations in the stock market and in the bond market were very tight during the past 11 years. Junk bond studies certainly show that the junk bonds performed well. In fact, they were not called junk bonds in those studies; "junk bonds" is a term of the 1980s, and these studies were done before then.

Figure 2. The decision that "I am a long-term investor, and I am going to follow one discipline" may, at times, be a poor business decision. Given the significance of these cycles, one can see the importance of understanding what factors affect style rotation. Three key factors affecting style rotation are profits, credit, and interest rates. Profits. At Merrill Lynch, our work shows that by far the most important factor influencing style rotation is the profit cycle. The profit cycle rule works in every major market around the world.

At Merrill Lynch, we have found that the absolute level of EPS growth is not important; what is important is the way expectations move. From January 1989 through mid-1991, EPS growth and expectations fell. In the following four years, growth became more excessive, and EPS growth forecasts rose. Then Australia saw a 12-month period in which the growth forecast fell off quite dramatically, and in the first three quarters of 1997, bottom-up EPS growth forecasts in Australia generally started to improve.

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