PT  - JOURNAL ARTICLE
AU  - Laurence B. Siegel
AU  - John G. Alexander
TI  - The Future of Value Investing
AID  - 10.3905/joi.2000.319437
DP  - 2000 Nov 30
TA  - The Journal of Investing
PG  - 33--45
VI  - 9
IP  - 4
4099  - https://pm-research.com/content/9/4/33.short
4100  - https://pm-research.com/content/9/4/33.full
AB  - While the “value” style of investing fell on hard times in 1998-2000, the cornerstone of that approach--discounted cash-flow analysis--is still a sound valuation method and can be used to calcuate the fair value of “growth” as well as “value” companies. A DCF analysis of selected companies finds the growth stocks overpriced and the value stocks underpriced. Looking forward, however, values investors may need to retool their approach to fit today's market realities, including the possibility that some declining, old-line companies that appear to be good value are not.