Excellent Company or Excellent Stock?

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1. See M. Clayman's "Excellence Revisited,' Financial Analysts Journal, vol. 50, no. 3 (May/June 1994):61-65, and "In Search of Excellence: The Investor's Viewpoint," Financial Analysts Journal, vol. 43, no. 3 (May/June 1987):54-63, for a discussion of reversion to the mean and the outperformance of "bad" versus "good" companies.


2. Accounting Trends and Techniques, eds. Jack Shohet and Richard Rikert aersey City, NJ: American Institut of Certified Public Accountants, 1992): Table 317, p. 338. 3. The author would like to thank Gerald I. White, Robin A. Schwartz, and Robin Schoen for their helpful comments on this paper.


Michelle R. Clayman, CFA, is a general partner at New Amsterdam Partners L.P. in New York.

Copyright Association for Investment Management and Research Sep/Oct 1995

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