We are not suggesting that there is no value in stocks, more that there are no "value stocks." The chart below highlights the performance of several style indices provided by S&P and Birinyi Associates. The "Birinyi Dividend Index" is constructed of S&P 500 stocks that yielded between 4% and 10% on 12/31/08 (112 issues and not all financial). As shown, these dividend stocks and the S&P 500 Pure Value index have performed worst of the seven styles shown (-62.7% and -67.5% respectively; the S&P 500 Financial Sector is down 78.4% by comparison).
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