In the next chapter, we will cover some of the debate on efficient markets. The right to download and store or output the materials found in Investment Strategies for the 21st Century is granted for viewing use only, and materials may not be reproduced in any form without the express written permission of Frank Armstrong. Any reproduction or editing by any means mechanical or electronic in whole or in part without the express written permission of Frank Armstrong is strictly prohibited. Disclaimer Investing in equities involves a serious principal risk, and no assurance can be given that the techniques described here will be successful. Returns vary and you may have a gain or loss when you sell your shares.
Past performance is no guarantee of future results.
Index returns shown are historical and include the change in share price, reinvestment of dividends, and capital gains. Indexes are unmanaged and do not reflect the impact of transaction costs. Transaction costs would have reduced the total returns. These risks include political and economic uncertainties of foreign countries, as well as the risk of currency fluctuations. These risks are magnified in countries with emerging markets, since these countries may have relatively unstable governments and less-established markets and economies.