Active Value Investing: Making Money in Range-Bound Markets
Active Value Investing: Making Money in Range-Bound Markets is a book about range-bound markets written by Vitaliy Katsenelson.
In Active Value Investing, Vitaliy Katsenelson makes the argument that we are in a range-bound market. A range-bound market is a market where stock prices fluctuate in a range over several years - historically, up to 15 years. Because we are in a range-bound market, as Katsenelson argues, value investors will be better off having shorter time horizons of about 3 years, and, instead of holding a stock at intrinsic value, investors should look to sell once the price hits intrinsic value.