It can certainly be frustrating when a stock does not perform as hoped. But it can difficult to make money in a declining market. The Hong Leong Finance Limited (SGX:S41) is down 12% over three years, but the total shareholder return is -0.9% once you include the dividend. And that total return actually beats the market decline of 15%. The share price has dropped 13% in three months. However, one could argue that the price has been influenced by the general market, which is down 20% in the same timeframe.

View our latest analysis for Hong Leong Finance

To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it’s a weighing machine. By comparing earnings per