MFG in the BUY zone, page-622

i think what chella means is that the covid under performance rolls off and new monthly performance which is less worse rolls on. so the extent of the 1 yr number will look optically better going from -20% to something better by march 2022. this is stating the obvious.

however if new monthly performance is still under performing then it could be the 1year performance at march 2022 is still <0%.

its likely that the 10 year record continues to get worse as the very strong historical out performance rolls off and the new performance rolling on is poor.