RouteMaster: Yes. We haven't yet discussed that you can look at every style from four different Investment Perspectives. So far we have looked at SmallCaps in Demoland in the usual way - as a domestic investor in local currency.

However as a foreign investor it might be more useful to convert everything into a comparable common currency, so there is a Dollar option.

To maximise your profits, it would be especially useful to see which style look best within Demoland, especially when they are all moving in the same direction as so often happens, so the third shows the first type of chart again, but this time as Demoland compared to the Regional Market as a whole. Irrespective of your own perspective, this is useful to show how other groups of investors, with possibly greater buying power, may view the market in question.

Here is the very first chart, shown this time from the Regional perspective. In the first chart, which used the same kind of analysis in absolute terms, Demoland looked attractive. However this can be seen as misleading on this more sophisticated basis of analysis. In fact this style represented a massive opportunity cost in relative terms. Fortunately the signals during the major underperformance since 1994 served to limit the extent of underperformance.

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