Nancy Tengler 
New Era Value Investing 
A Disciplined Approach to Buying Value and Growth Stocks

A unique guide that combines the best of traditional valuetheory with an innovative approach to assessing value in low ornon-dividend paying stocks

In the 1990s, America’s focus on productivity and innovation ledto huge gains in technology, communication, and healthcare stocks, and contributed to the transformation of the U.S. stock market froma value (dividend-paying orientation) to a growth(nondividend-paying) bias. During this time, forward thinking valuemanagers began to develop analytical tools for valuing nondividendpaying stocks. These tools allowed them to evaluate and identifythe best investments in both traditional and nontraditional valuesectors. At the forefront of this movement was author Nancy Tenglerwho, along with Noel De Dora, developed ‘Relative Value Discipline, ‘an approach-which combines two proven methods for valuing growthstocks: Relative Dividend Yield and Relative-to-Price Sales. Thecombination of these approaches allows individuals to invest acrossthe investment universe regardless of dividend policies. New Era Value Investing introduces the proven method known as Relative Value Discipline by combining the excitement of developing a newinvestment discipline with the lessons learned through theapplication of this new methodology in the real world. In additionto providing an insider’s look at an investment manager’sexperience in adopting a new investment approach, this book createsa context for understanding the transformation of the U.S. economy, and offers expert insights beyond those of traditional valuetheory.

Nancy Tengler (San Francisco, CA) is President and Chief Investment Officer of Fremont Investment Advisors. She is coauthorof Relative Dividend Yield: Common Stock Investing for Incomeand Appreciation (Wiley: 0-471-53652-0). She has appeared onnumerous financial radio and television programs, including CNN/fnand is frequently quoted in financial publications such as The Wall Street Journal.

Table of Content

Preface.

Is It Really ‘Different’ This Time?

A Short History of Fundamental Analysis and the Dividend.

The Development of Relative Dividend Yield.

The Challenges of the 1990s.

The Twelve Fundamental Factors of RDY & RPSR Research.

RDY Case Studies.

RPSR Case Studies.

Portfolio Construction.

What is Value Investing.

Seven Critical Lessons We Have Learned as Disciplined Investment Managers.

Appendix A. New Era Value Composite.

Appendix B. New Era Value Composite.

Appendix C. Estee lauder Twelve Fundamental Factors.

Appendix D. EMC Twelve Fundamental Factors.

Appendix E. EDS Twelve Fundamental Factors.

About the author

NANCY TENGLER joined Fremont Investment Advisors as President and Chief Investment Officer in 2000, and was named Chief Executive Officer of the firm in April 2001. At Fremont, Ms. Tengler oversees all the firm’s investments and is a member of the strategy team managing the Fremont New Era Value Fund. Ms. Tengler coauthored a book entitled Relative Dividend Yield: Common Stock Investing for Income and Appreciation, also from Wiley. She has appeared on numerous financial radio and television programs including CNBC, CNNfn, and Bloomberg, and has been quoted in financial publications such as The Wall Street Journal, Barron’s, Fortune, Forbes, and Business Week.