Dec 2013: Beating the Market?
The media continually offers up stories of investors who “beat the market” and companies that skyrocket. Sensationalism sells. Recently the New York Times ran a story titled “Beating the Market, as a Reachable Goal”1. It profiled the Olstein All Cap Value Fund and its manager, Robert Olstein, who looks for value stocks that are unappreciated but strong by a measure known as “free cash flow yield”. According to the article since he started in September 1995 Mr. Olstein has beaten not only the market as measured by the S&P 500 but the venerable Warren Buffett via his company Berkshire...
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