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Heroes, just for one day.

ORF in its attempt to stall rate once again demonstrated great joy to his favorite tactic is to shoot yourself in the foot.

I must admit that I am aware "heroes of tomorrow" both unconsciously, in every Case, but I completely avoided. Just the front part of the media coverage was enough for me. That may be prejudiced, the basic problem is much more that ORF once again was not able to talk to me. Now, the national broadcaster this problem is not with me: The odds were mau and manageable. For most of the targeted children, however, was probably: Why go to the Schmiedl, when the Smith (RTL) next door is hot, fire werkt.

ORF awards for years, of another for the chance to a noticeable Profile for his mission to make policy - in advertising or PR, we would speak of creating a USP. Rather, he tries to stand on a par with the ad-funded private broadcasters from Germany, which won him run the budget and thanks to the media environment for many years standing.

The "cultural mandate" debate in this context does not go far enough, but it always has but one symbolic example. I'll try again from the other side. The ORF had enough strength in the front garden: Austria is a country that many peculiarities, eccentricities, strengths and characteristics would have. Instead of being a quality channel for the country to be and to enrich this, it is possible ORF fabulous, his program level by adjusting to level of international private channel down. It is time after time lost more of a sender identity, as well as helps no matter how hip station relaunch and the change from "1" to "one".

It had the ORF just in their own house is a prime example of creative programs, develop successful "out of the niche: The Thursday night and its elements - the vast majority of them innvoativ, exciting, original - and also rate bearer. The "show without a name" is legendary (although this concept has obviously overtaken at some point), the Emperor a Trade Mark become a rare variety in Austria Welcome otherwise vile program - and also the only area in which musicians appear outside of casting sizes and folk-kitsch at all in some way.

Austria in this respect is the only civilized country that I can think of in which there is no way to current pop music during a program (in whatever form) to present. Every time we bring international artists to Austria, it drives me to tears in the face if I via YouTube after recent footage of them looking for: What

in England Jools Holland provides, on French TV a plethora of talk shows, morning TV show in Scandinavia, Germany Rockpalast - there is nothing even close to comparable. Our colleagues deliver tons of recordings of various shows, programs, specifically recorded concerts and so on. I expect this role times not to (only) the fantastic "They Shoot Music s" of this world, but very probably (also) the public service radio.

one is not "Welcome to Carmen Nebel" lack any possible representation. Logical consequence is that this zero presence on television and a huge stumbling block for an entire industry. A natural growth of artists across The glass ceiling is FM4-out with the formidable barriers to skip connected. The state broadcaster is beyond a certain adware (ultimately political and economic) responsibility. On the popular excuse that there was nothing presentable, I would first go no further - this discussion is often led many here and elsewhere have been. It is in this case not the point, it would be more than a question of chicken or egg. which would abound -

and format ideas. A "FM4-TV" has already been shot several times by the Küniglberg, Walter Gröbchen "15 Minutes Of Fame" idea would be simple, cheap and probably not even broken. It also has the history shown, that "investment" pay off: In the 80 years screened OK and Without muzzle scenes and niches later X-Large . The names that brought out this "youth programs" are, especially nowadays with large Moderator: Vera Russwurm, Barbara Stöckl, Christian Clerici, Arabella Kiesbauer et al. Since the mid-90s, there's no more youth format. The archives of that time was often recycled - such as in the "world famous in Austria" documentary series, with which the ORF boasted.

What material you will retell the cultural history of the 00s and 10-years? The ORF shoots himself several times over into his own knee (... worth a separate story) and now gets the moderators rather directly from the competition and produces short-lived star casting, the fumes of fame still fizzles faster than its sound. Meanwhile, he failed the available substance as a welcome building material for their own careers and identity to accept.

ORF will be seen programmatically a private broadcaster and stretches rather pseudo-populist for a quota - which he then accurately by these means does not reach before. As long as this approach is taken, is to change the circumstances in view. And does it seem to be sensibly despite "outstanding achievements" as "heroes of tomorrow" is not . Dear fed to Sido and Marilyn Manson from endowed with lush contracts to develop a sustainable program concepts. So we must continue to make friends with the heroes in the program department, whose ideas are tomorrow of yesterday.

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vs. individual. Company

What is really behind all the Austrian's new favorite phrase "Wos been my performance?" hides.

There are themes that emerge in different forms again and again in the mind's eye. One of these "Metathemen": the almost unnoticed continuous war between individual and society . Have solidarity, community spirit, the power for one another have a value, if all the world for personal motivation, I cross-stock companies and self-actualization as the supreme principle?

It could be easy to make and worship God as a replacement of capitalism (and thus in a sense taking over since the second world war so successfully seemingly basic American principle) will share the blame, make that interest in the public interest increasingly disappears from view of the individual. He himself, after the success of panting, at best, driven by consumer lust man, is central to the social ideal image - where "success" in this style mainly manifested material.

It was just the American President Kennedy, who called for admonishing his appointment in 1961: "Ask not what your country can do for you but ask what you can do for your country." From this simple explanation of why there are taxes has remained about the same as the musketeer principle "one for all and all for one." They cost the average consumer a "tss"

The impression was puts much more the worst case scenario for any company in more detail: Everybody thinks only of himself and looks like it comes so far. The lack of implementation of the theme "society and their holistic development," therein which is perhaps the most sustainable error perpetrated by those in power everywhere in times of an increasingly interdependent world.

In the United States manifests the development of even more clearly at the political level than here. The Europeans grotesque debate on health reform, this has also shown how the current debate over whether states may go broke (while Europe tinkering, at least apparently in solidarity parachutes). The whole also happened yet superficial and obvious from political considerations, of greed for power. Rather for their own caste, even better for their own coffers to work as a think of the common good. Me first!

banks and corporations, these new rules in recent years so perfected that they used the moral difficulties to turn the power relationship to politics is already in its favor. The indignant outcry of the people in BAWAG, Lehman or Goldman Sachs in executive pay or bonuses will cost the affected long ago only a smile out of petty cash. The policy has long been arranged with them anyway.

What we in Austria would. What can be gained in recent weeks and months in this country of impressions from this close-knit community of inventors mock money, so some description. In cases of justice concerning the political caste are deported until they have expired (case Strasser). In medicine has long been known to the last Alpine valley, the fact that "friends of the rich quality point" or a major accident are necessary to facilitate a rational treatment of illness. And the summit of all 'debts resentment ": the former finance minister pushes obscene sums of money that he has" earned sour, hired by foundations and other constructs to Liechtenstein on Detours his wife a tax-friendly lake house and constantly asserts and loyal, looking three that he has done nothing wrong.

Even if he is right (as defined by applicable laws) should have, so this indicates the complete disappearance of any moral principles of "shame borders" - just in politics and the surrounding caste. Tags complacent? Meinl, Hochegger, Plech, Porr, Buwog; rated uncles, friends party, yacht owners and 100-million-euro-in-Geldbörserl Haber.

The present role model is therefore necessarily fatal - "THE na if allowed to, may I do that too: corruption, bungling, cronyism and party book - who can blame the average citizen, when he quietly, but the state, so the company - and then again so are cheating themselves? The sigh-apologetic "I can change the system anyway, so I have to arrange myself with." is a desperate declaration of bankruptcy on the company policy is. A fool who keeps to the rules!

In all of these exemplary cases, by Florian Klenk in the world while trying hard, "debt" to prove (again legally relevant range), but it's ultimately really is on this issue higher ethical component (sorry for the leg swing). The hopelessness of this venture cements the activist moth-reading Grasser'schen the telephone protocols: it brings a hearty laugh out of desperation. Only we ourselves are in this play the fool. And so sad all this is: to achieve this, this is even an enormous achievement, Mr. Meischberger.

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The Europe experience.

The first "real" work week of the new year was quite turbulent. The Lords of profile have a prominently placed interview with I published, I started blogging after a long break again - and get a result of last week's contribution even an invitation for a discussion on Ö3 Song Contest.

I could turn out good cheer, for I am in the Netherlands. It is a kind of new year ritual that Musikprofessionisten meet in January in Groningen. Here just now the 25th Time the "Sonic €" takes place - the now well-established number 1 among European showcase festival. With co-organizers such as the EBU (the public broadcaster in Europe store movies / / send the most important concerts), the "Yourope" organization (the concentration the most important festivals in Europe) and the like is cemented firmly that role. It has been in recent years sent a clear win-win situation for all, so here wants to play every act, so must keep something of themselves and would like to get to the big summer festivals or simply in other European countries.

I had the pleasure here already acts like Mando Diao , The Libertines or Kaizers Orchestra in their early stages to see in small clubs - and year after year, one wonders, on which of the many stages to the next superstar has just missed or seen. In principle, however predominates here the idea of networking (mostly) European level. Each country has its Fixplätze for bands, sent delegates, and the organizer will try to achieve a balance and a hand colored print, on the other hand, as a good fit, high-quality lineup appears - what is possible in most cases excellent.

240 tape driver on this weekend around here, to 2500 professionals and 15,000 visitors - the whole four days. Although the quality of the panels offered varies greatly, you will come here at least luminaries such as the incredibly entertaining and omniscient Bob Lefsetz or any of the Topspin -founder (with whom I share even a podium allowed).

The delegates page is just as much a ritual that the large, market dominant British agencies "only" send along the youngsters. The "old" having no more necessary to have their networks, their contacts, their loyal partners, while the "boys" but must earn their spurs first. We see here sometimes run around early-twenties to get on it soon, that they sit in the most powerful agencies in Europe and sell their newly-discovered hot iron to have here. A steel bath, go through the most brilliantly - for the quality of the English Act is still far ahead of the others. That will happen with Belgian or Swedish bands - Are they good, they have long since been accommodated by an agency of the island. To these acts is usually quite early a G'riß - too much is the market power of local media, too, the Definitonsmacht the agencies - and also easily the most bands.

But there are also rows of exciting things, great things to discover so spectacular. I want to respond to non-individual names (Betriebsgeheimnis! ;-) - in any case, the density of surprising, good concerts (obviously) huge. The festival degenerates including an event that somewhere between positive motivating (obviously the right thing to do, because music is a great thing) and negative-frustrating (the really cool acts gets even then not again until the big agency) commutes.

insights that go beyond, there are droves every year, new experiences again and again. The bridge to the east such as happened out regardless of the geographical proximity of Vienna more here: Wilsonic, Sziget, exit and other festivals are brought in Groningen easily and quickly to the discussion table. It is divisive and even more in common than philosophize about recommendations for the evening and discussed the situation in their country, on the market, politics, the food or the booze from yesterday. You just werkt net.

Especially those things make me say: Nowhere is the feeling of "Europe" more than here. Nevertheless, sharpens the awareness that one just at such events in the life (s) of a "bubble" over-valued. Everyone has his close circle, his industry, his environment that he considers "the right thing" and globally significant holding. And here? You make due to the impressive size of the event would like to think the "world" was indeed so. If it is not natural. The average citizen who has not exactly hang out in a university town in cool locations and looks cosmopolitan new bands, no idea of Europe, or at least described the "feeling" of it. He also takes care not about the Slovak, Norwegian and Austrian actually a lot of views, political obstacles amount and many other medium and large small things maybe a little strange to me teilen.Was induced demand: To each his € Sonic. For me it is anyway: Next year, Groningen; nice wars, see you soon.

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Morgan Stanley: Economic outlook for Europe

Morgan Stanley's European analysts following outlook dare to 2011: The



The overall growth level off somewhat due to reduced state Ankurberlungsmassnahmen and budget cuts in southern Europe. Overall, growth is less driven by inventory building by more than internal consumption. Unfortunately, few jobs are created.

Although decrease Budge deficits, public debt heavily and grow not only in the periphery!

The final solution to the debt crisis must be advanced rapidly: the debt has increased enormously in the last four years. Analysts believe that in future the EU and individual nations will not occur as debtor (the EU countries are thus jointly and severally liable). This systemic solution will meet considerable political resistance, especially in Germany (but what alternatives do they have?)!

inflation and bond yields will rise during the year, which will bring the ECB under pressure. can

Due to the macro-economic targets The following investment strategy derived :

• shares : The growth is going to boost corporate profits. Preferred sectors are raw materials, insurance, energy and telecommunications.
• Currencies: U.S. Dollar € overweight and underweight due to the stronger U.S. economy.

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2011 crucial for indebted U.S. States

The FT article today brought a over-indebted U.S. states and municipalities. (Please click to enlarge)

The huge market for municipal bonds (U.S. $ 3,000 billion) this year will go towards difficult times.
Although the U.S. economy recovers, there will be tense due to reduced revenue from federal sources, declining property tax revenues and higher interest rates due to lower borrowing capacity to finance a significant impact on the local level.

general, local governments to cut spending significantly and their finances controlled manage to meet their debt obligations. Despite all the efforts we will see some bankruptcies in 2011 and 2012. Largest Bobble candidate is Illinois, where the financial situation is most precarious, and the budget is financed largely by issuing public bonds. Bonds of Illinois for years include the highest Credit spreads in the U.S..

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Goldman Sachs super positive for 2011

On 7 January, Goldman Sachs (GS) presented at the Global Opportunity Asset Allocator his assessment concerning the allocation of a depot in asset classes (asset allocation) for the new year:

• Improved ökonmischer view
  Global is a GDP growth of 4.7% in 2011 and expected 4.9% in 2012th In the U.S. growth outlook has been increased to 3.4% in 2011 and to 3.8% in 2012th Closer economic policy in China Aand put the debt crisis in Europe is causing risks and volatility, but will the strong global growth momentum, the investment performance continue to dominate.
  
• Short-term rebalancing of the risk exposure (1-3 months) ...
  is short term, the small stock increased in obesity, raw materials are downgraded to neutral returns and corporate bonds with good credit ratings to "Underweight" is set. Similarly, government bonds, underweight and with great conviction Cash. The changes reflect the improved outlook for global growth, commodity prices after their recent strong trend towards the Goldman Sachs price target and the low yields on corporate and government bonds. In the equity markets, we favor the U.S. and Japan, while Europe and Asia (excluding Japan) are underweight.
  
• ... and remain "pro-risk" in the next 6 - 12 months
  up to a horizon of 6-12 months, the allocation remains unchanged. Due to the strong earnings growth and attractive valuation, shares are at the most convincing. We are also overweighted in commodities, as the supply of scarce and Nachfrge increases. Corporate bonds are rated neutral, although moderate gains are expected. Since cash and government bonds will not bring returns until the end, we are underweight here.

The biggest counter-weight to provide the "Weekly Market Comment "by John Hussman, entitled " Illusory Prosperity "- Ludwig von Mises on Monetary Policy His conclusion ." the Market Climate for stocks continued to be wherein last week by an overvalued, overbought, overbullish, rising-yields syndrome that has historically been very hostile to stocks . " is extremely negative.

keep Personally I assessments of Morgan Stanley the most convincing, which are due to cyclical and structural resistance Aufhellunngen moderate positve.

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gold belongs in Porftolio

Last week Gold -3.7% under pressure. Business media ( FT) immediately thought about the upcoming big price fall.
I notice short-term market movements is not too strong, because I will just dizzy. More relevant is the observation of long-term trends.

1. gold as jewelry
   long term, strong growth in emerging countries to increased Demand for jewelry (and gold) run.
   
   
2. is used gold as a store of value
   While gold for this purpose for 5000 years, it is our currency only since a few decades, at best, for 100 to 200 years. The gold may be increased only with difficulty (with a lot of shovel work); euro, dollar and yen, but at a touch.
   The increased likelihood that Japan, USA and Europe will be removing the debt by inflation, fired the gold price in recent months.

to evaluate gold is a bit difficult because it does not generate cash flow (cash flow models usually require). In accordance with comments on inflation may, however, a model
be constructed by the (negative) correlation with real interest rates (interest rate = nominal - inflation) is used.

As you can see, is the model reality quite well off. Due to the rise in inflation will fall, the real interest rate, which pushes the price of gold up.


A portfolio should therefore include a substantial gold position of 10%. This should be complemented by gold mining shares. The details of the distribution but must be determined for tax purposes (used in the USA physical Gold disadvantage being in Germany treated advantageous). should

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Morgan Stanley: economic Outlook 2011

Morgan Stanley identified four economic issues for 2011

1. solid but moderate global growth The economic growth in developed countries (developed markets - DM) support, while structural problems, the brakes on growth. DM, which are located in the beginning of the economic cycle, have other problems as emerging countries (emerging markets - EM), which are located in the middle of the business cycle - a dynamic that it is observed.
   
   
2. Global compensation and inflation
   The continuous compensation (ie, shift of growth) increased from EM to DM, the global growth outlook. However, the inflation risk is rising in EM, reinforced by the improved growth in DM, which makes the economy and monetary policy.
   
3. State debt crisis 2.0
   The state debt crisis has worsened, but is threatening the European policy less system. The key is credible restructuring plans and support mechanisms to prevent the spread.
   
   
4. politicization of economic Discussion
   The policy affects the decisions concerning the debt risk. Tensions concerning exchange rates and international trade should be increased. The risk of policy failure is increased by the increased political interference.

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The Song Contest dilemma. The

The Song Contest, the rate and why this is a Ö3 dilemma again.

ORF has therefore decided that this year after prolonged abstinence participate in the Euro Vision Song Contest . After Stefan Raab and his Lena brought the competition out of the sleeping beauty back to the public (law) brain, is thought to Ö3 Officer "Well, that we can." At least, the interest in the Song Contest back - or let's say: The wind is just cheap.

Now you can think of this event, what you want. But as luck would have it, comes the commitment can be parallel to the de facto quota system , which impose the ORF in a horse-trading to Gebührenrefundierung and long, difficult negotiations with SOS Music country. How convenient that you can now push on interest in the Austrian music (30 tracks at once into the playlist!) "Show."

far, so superficial.
It represents the mentality of the house and dealing with the local music industry, that this decision was taken alone and is turned into a modern voting spectacle. Now that is fundamentally bad nor particularly perverse. Of course, they confirmed the general picture of said business, particularly from the standpoint of radio broadcasters.

Since half of the majors have abandoned R-offices in this country some time ago, their A &, to see the executive suite of Hitradios increasingly in the role of explorer and flag wavers. It is not uncommon that receives an unknown, unsigned artist with a better demo Ö3 airplay.

It is basically something that naive awaited "brave new world" that in times of globalization do without (great) record company. On the other hand, does the artists and the state of the Austrian musical landscape in general only limited good: It is by no means ensure that the so-fragile structures can be improved. Sustainability is just like the first "hit" than a product of chance - both for the artist, and for potential partners (operators, agents, producers, management, labels, distributors ...) - and actually for the station.

will in return from the Heiligenstadt border for years, of the wegignoriert the features section, the clubs and also abroad extensively been celebrated Viennese Popwunder. Thus, the general as exciting, novel, artistic value or even groundbreaking productions described good in "Indie" cage-held (to which one has FM4?). A natural growth of a "scene" heard so clearly in front of the self-proclaimed Hitradio. Since this still dominates 40% of the market and therefore democratic principles following "rights", the resulting structure is only in its infancy zwangsmarginalisiert right. The two "sides" is thus cut off by the actions of a powerful opponent in the market a leg.

The big problem is in any case that the format of radio is not particularly well suited to an A & R function to fulfill - the primary purpose of the transmitter, it is finally making a profit. Can only arise if the right advertising revenue, not "limit" the people. Music Ö3 may not "hurt" - or in other words, they may not notice. Bold decisions in the playlist are therefore the exception ( we were already ). My "favorite basket" from the mouth of a Ö3 music editor is therefore also "that is not average enough."

This is significant and true, of course - because such a lot of people, listening to the channel slowed, ultimately compromise, and therefore average to serve the purpose. But the problem is just when exactly said that station "discoverer role" would take - Especially when it comes to the Song Contest. Namely, there are, ultimately, for better or worse, qualities that are turned off so systematically.

find So naturally among the 30 "Ö3 experts" pre-selected candidates, the expectable results. occur without the candidate (who are blessed some with great voices) is too close to do - they are for the most part average, boring and uneventful, not hurt doer pop songs - or those who do so painful that their Peinlichkeitsfaktor another song contest basic need satisfied: Foreign shame.


The features of these 30 tracks may pretend to the listener in the meantime, how great Poplandschaft the local (or Ö3?) was. The vast majority will be after the voting phase is already forgotten and left to their own. And by the Austrian predictable first round exit in the actual song contest will then also the rest reintroduce disillusionment.

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$ 14'025 billion

Not only Europe is in debt, just as the federal government and local institutions in the U.S. is in debt up to our ears (Japan's debt should already now be mentioned in history books).

According to The Daily Reckoning the national debt reached $ 14'025 billion, or $ 140,252.00 per non-government workers . In states like Illinois and California (after all, the eight largest economy in the world) there is a big risk to their Gläbigern. .
Since vorübergehnde insolvency or saving are too painful, is the only way to inflation, which will melt the economic value of the debt.
A repository should contain a substantial proportion of precious metal.

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Western Europe risk as high as in Eastern Europe

In today's FT there is an article on credit default swap (CDS) spreads. A CDS is used to hedge the credit risk of a bond, whose spread is the annual Insurance premium, measured in basis points (0.01%) of the nominal value of the bond.

The graph illustrates how CDS spreads converge Central and Eastern Europe, the Middle East, Africa and Western Europe. The FT argues that this is not merely a sign of Western Europe's debt crisis but also a sign of the shifting of assets in these emerging countries. Investors value today Hungary and Ukraine have a more secure than Ireland or Portugal.

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The problem of Fund selection

The selection of the right investment fund is extremely problematic, as these decisions are based on historical facts. On Moneywatch.com I have an interesting article Performanche about the famous and highly successful Fidelity Magellan Fund found. Peter Lynch has managed funds 1977-1990. The Fund reached in this period, a performance of 26% pa and the benchmark S & P500 a yield of 13% pa investors who chose the fund but must have acted very wise!
Unfortunately, however, has the average investor, the market return is not achieved.
is How is that possible please?

The fund was closed from 1963 to 1981. At that time the fund was very small and was only used to build a so-called Track Reckord. After the opening to the public, the Fund still reached a performance of 13% pa and its a performance benchmark of 16% pa In 1990, Peter Lynch with 46 alone!

From 1990 to mid 2010, the Fund reached 7% per year, slightly less than the S & P 500.
The largest inflows to the funds poured after retirement Mr. Lynch! Years ago I read

times the saying that the choice of a fund because of its past performance to draw the attention of a car using only the rear view mirror is like.

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value investing, why it works

recent investor note on strong corporate results and extrapolate these many years in the future. These projections then justify high stock prices relative to current earnings, cash flows and book values. Unfortunately, superior results are achieved only over a few quarters. The competition often brings up quickly, so the flyer soon to include yesterday's underperformers regarding stock price.
For example
Peters and Waterman published in the 80 " In Search of Excellence: Lessons from Americas Best Run Companies . In this book, the authors filtered the market after successful companies and those companies then examined to common "success factors". Unfortunately, could the above-average Results will not last long, and the non-excellent companies joined as graph below shows (Haugen, The New Finance, p. 46):

The book may be interesting insights allow in business contexts, but it is good enough for any investment decisions.

Insufficient reüssierende company will restructure (strategy and management changes); or. The probability is high that recover profits and share prices of the laggards in one or two years.

How quickly losing and recovering above-average performance is CARRIED illustrated chart below (Haugen, The New Finance, p. 43) :

Companies with the lowest PE (P / E) are stated next year compared with the average loss of profit, but are They recover quickly, contrary to the expectations of the market. Companies with the highest PE down next year compared with the average but of gain, but does this increase in profits in the years to decrease rapidly, so disappointed the high expectations are likely.

Why is not this obvious false assessment professional Investors being exploited?











simple human behavior prevents this: Undervalued stocks have lately after a negative price performance, poor results and a press, miserable. In short, it shares that look bad in the depot, shares you sold prefer to not have to present to the client or the boss. Overvalued stocks seen, however great, they are the current stars, so they are often purchased to present it. Because the customer wants and keep the place is something one is even a movement by the Fund Manager to Chief Investment Officer sought boss. Funds would also like any manager, that deviate significantly from the benchmark, as the disadvantage of underperformance outweighs the benefit of outperformance. Funds are therefore generally a slightly underperformed against their benchmark, which is caused by the charges.

far is the theory. If this theory but also confirmed empirically, or heard it in the drawer of the nice explanations with little practical significance. like you can

The interested reader: There

Fortunately there are some studies that demonstrate the outperformance of value investing over the last 50 years either dive into this study or Professor Haugen's latest book .

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Value Stocks for 2011

the purposes of Post of 16 November 2010 on the vast empirical evidence of the outperformance of value stocks ( studies by Professor Robert A. Haugen ) I would like to present some attractive value stocks:

• USA
  Techfirmen Some are very profitable and valued today also reasonable. Therefore they are not growth stocks value stocks but HP (HPQ), IBM, Intel (INTC) and Microsoft (MSFT). Oil stocks like Chevron (CVX) and ConocoPhillips (COP) are also convenient and also less volatile than average Shares.
• € zone
  I favor Royal Dutch (RDSA) and Unilever (UN) with a low market risk and low valuations.
• 
  UK British American Tobacco (BATS) and BP are deeply valued by low market risk, although this industry-or sector-specific risks include (Decreasing tobacco use in Western countries and legal issues in the wake of the oil pollution).
• 
  Switzerland Novartis (NOVN) and Roche (ROG) can be purchased cheaply and also include a lower market risk. BKW (BKWN), a medium-power company, is attractive in relation to assessment and risk as well.

These securities are medium to long term capital appreciation learn, as they are trading at a discount to dazzling, over-valued growth stocks. However, for the "value investing" asked patience until the market corrects its estimates (disappointment over lack of growth in growth stocks and positive surprise of the book value).