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Outperform without the risk

While the central role taken by dividend yield in James O'Shaughnessy's Cornerstone Value screen is easy enough to understand, some of the other factors used by the screen, which aims to outperform the market with similar risk to buying an index fund, are arguably rather cryptic. Indeed, the impact that the numbers of shares outstanding has on share price performance may be hard to explain as a neat investment narrative. However, this is one of the ways Mr O'Shaughnessy identifies what he calls "market-leading stocks" in his seminal 1996 book, 'What Works on Wall Street'.

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By Algy Hall,
20 February 2013

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