Looking back through history, whenever value stocks have gotten this cheap, subsequent long - term returns have generally been strong.3 From current
depressed valuation levels, value stocks have
in the past, on
average, doubled over the next five years.4 Not that we necessarily expect returns of this magnitude this time around, but based on the data and our six decades of experience investing through various
market cycles, we believe the current risk / reward proposition is heavily skewed
in favor of long - term value investors.
A
market study commissioned by the NYC Economic Development Corporation found that air - rights prices
in the rezoning area
averaged $ 301
in 2015 dollars, but the de Blasio administration is pushing for the fixed minimum price out of concern that without it, developers could artificially
depress the value of air rights, according to The Real Deal.