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ls7550

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ls7550

Re: None

Sunday, 08/03/2014 5:14:14 AM

Sunday, August 03, 2014 5:14:14 AM

Post# of 47149
https://publications.credit-suisse.com/tasks/render/file/index.cfm?fileid=88F22B53-83E8-EB92-9D555B7A27900DAC

CREDIT SUISSE GLOBAL INVESTMENT RETURNS YEARBOOK 2013

Page 27

To exploit stock market predictability, investors
should take advantage of opportunities when
returns are expected to be higher, and hence
should buy when prices are low relative to funda-
mentals. In historical terms, that means buying
enthusiastically during the October 1987 crash,
during the Lehman crisis, and during other major
setbacks; and selling outperforming assets during
the 1990s bull market. Following a contra-cyclical
investment strategy, at the very time that investors
are behaving pro-cyclically, is uncomfortable. It is
clear that the potential profits from mean reversion
are in general modest, and that they demand a
disciplined approach to investment strategy.

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