Value Stocks And the Macro Cycle: Understanding the Value Cycle

5 Pages Posted: 22 Sep 2012

Date Written: August 1, 2012


Value investing is a common investment strategy, but like all other strategies it has suffered during certain periods, such as the tech rally in the late nineties. This paper examines the value cycle globally and considers the impact of possible drivers, including those involving the overall stock market and macroeconomic factors. The value cycle was found to be closely linked with the level of risk aversion and, among macroeconomic variables, the interest rate cycle.

Keywords: Value Investing, Investment Strategy, Value Cycle Globally, Stocks, Macro Cycle, Asia Pacific, Macroeconomic factors

JEL Classification: G10, G11

Suggested Citation

Owyong, David T., Value Stocks And the Macro Cycle: Understanding the Value Cycle (August 1, 2012). Journal of Investment Consulting, Vol. 13, No. 1, 25-29, 2012. Available at SSRN:

David T. Owyong (Contact Author)

MSCI Inc. ( email )

88 Pine Street
2nd Floor
New York, NY 10005
United States

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