11. The Fifth Factor: Fundamentals and Valuation
The investment universe is chockablock with opportunities. Wherever you turn, something new grabs your attention. Interested in a portfolio of battered subprime securities? A stake in the newest emerging economies in countries such as Vietnam and Kazakhstan? If you feel like putting your spare cash to work in a wind farm in Brazil or your brother-in-law’s new gourmet sandwich shop, you can take that risk, or you can opt for the lower-risk alternative of purchasing short-term Treasury bills, even if they provide as little yield as they do risk. Each of these options offers a unique set of risk and return characteristics you need to analyze before you write a check or complete the electronic funds ...
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