TY - JOUR T1 - Is There Value in Valuation? JF - The Journal of Portfolio Management SP - 87 LP - 91 DO - 10.3905/jpm.2013.39.2.087 VL - 39 IS - 2 AU - Martin Fridson AU - John D. Finnerty Y1 - 2013/01/31 UR - https://pm-research.com/content/39/2/87.abstract N2 - It seems self-evident to many investors that valuation is the key to picking winners in a sector-rotation strategy. The authors’ analysis of quality tiers within the high-yield bond market casts doubt on that premise. The market’s direction exerts such a big influence on relative returns that limited room remains for valuation to have an impact. In light of the authors’ findings in the speculative-grade debt market, value-oriented investors in other asset categories may also need to rethink their assumptions.TOPICS: Fundamental equity analysis, in markets, information providers/credit ratings ER -