To attribute the entire decline in stock yields to interest rates as if it is a «fair value» relationship is to introduce a profound «omitted variables» bias into the whole analysis, which is exactly what the Fed Model does.
While 11 out of 20 stocks that we owned for the entire period outperformed the S&P 500, significant declinesin L Brands -LRB--33 %) and NOW, Inc -LRB--40 %) held back performance during our fiscal year.