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132 – Are Value Stocks Dead?

The theoretical support for value investing islongstanding—paying a lower price means a higherexpected return. However, realized returns are volatile.A 10-year negative premium, while not expected, isnot unusual.But history also tells us that changing course aftera disappointing spell for known premiums can leadto missed opportunities. When those drivers ofoutperformance have turned around in the past,steadfast investors…