Source: Online.
Overview
Facing record high stock prices, long-only investors often doubt if there are still opportunities for decent buy-and-hold returns. Admittedly, if the market goes up a lot, the universe of "good businesses at fair prices" should shrink. However, I do not see the total vanishment of investment opportunities in equities, while investors might certainly need to search harder and wider by looking into foreign markets and smaller-caps (within their comfort and circle of competence).
In Part I, we used the P/FCF/G multiple, along with the factor-based business fundamental ranking, to uncover