Subject: Re: Bessembindar update
Regarding the article Jim pointed to:
https://www.researchaffiliates...

Surprisingly, I wasn't able to locate a comprehensive source for changes in the S&P. I wouldn't think that would be difficult, but the best I could come up w/ was Wikipedia: https://en.wikipedia.org/wiki/....

Looking through that list, and discarding acquisitions and the FDIC Receivership stuff, I went back one year and compiled this list:

TKR DATE $ Curr $ % Chg
lumn 3/20/2023 2.49 1.96 -21.29%
vno 1/5/2023 21.37 13.33 -37.62%
pvh 9/19/2022 54.98 89.01 61.90%
penn 9/19/2022 31.41 25.64 -18.37%
ipgp 6/21/2022 93.21 114.61 22.96%

AVG 1.52%

Small sample and not conclusive, but does not seem to support the thesis.
NOTE: I should add market returns to that for comparison. Don't have time right now.

John