Sentences with phrase «short of a full market cycle»

But it is likely more than coincidence that every five years marks one market cycle and that DALBAR research on stock ownership patterns show people maintain stock investments for an average of 3.27 years — just a smidgeon longer than the time needed to develop ideas of a new regime and far short of a full market cycle.

Not exact matches

«Regardless of very short - term market direction, it is urgent for investors to understand where the equity markets are positioned in the context of the full market cycle.

Our long - term and full - cycle views remain solidly negative, but our views regarding shorter segments of the market cycle are more flexible than investors may imagine.

It's not that obscene valuations or syndromes of extremely overextended conditions are irrelevant for long - term and full - cycle market outcomes; it's that the uniformity or divergence of market internals is critical in evaluating shorter segments of the market cycle.

Historically - reliable valuation measures are remarkably useful in projecting long - term and full - cycle market outcomes, but the behavior of the market over shorter segments of the market cycle is driven by the psychological inclination of investors toward speculation or risk - aversion.

But understand that even when valuations don't «work» over shorter segments of the market cycle, the longer - term and full - cycle outcomes of hypervaluation are predictably brutal.

Over the long - term, we expect our relative performance to be an increment over-and-above the absolute performance of the markets we invest in (though this is certainly not true over periods shorter than a full market cycle).

While long - term and full - cycle market outcomes are tightly determined by market valuations, the effect of valuations on outcomes over shorter segments of the market cycle depends on the psychological preference of investors toward speculation or risk aversion.

The central message of our discipline is that valuations are enormously informative about prospects for long - term and full - cycle returns, but that outcomes over shorter segments of the market cycle are driven by changes in the psychological preferences of investors toward speculation or risk - aversion.

The fund has a wide range of credit oriented securities that it can use on both a long and short basis to generate absolute (positive) returns over full market cycles.