Value investing is dead, it is often said. True, even the few remaining self-styled value managers no longer buy value stocks.
They’ve all become growth investors in drag. But growth has gotten very crowded.
And extreme valuations typically make for very poor forward returns.
Unbeknownst to most, value has already been outperforming for quite some time.
And the macro tailwinds behind its resurgence are strong. Perhaps value investing is not quite dead just yet.
