Before I dive into today’s post, I have to make clear that I am not an anti-value investor. I started my career as a value investor, and I still think that the value factor is real and has historically been large. In fact, I think value and momentum are the two most reliable factors investors should try to exploit to gain superior returns. However, the world is changing and over the years, I have come to believe that the value factor has declined in size over time and probably is much smaller today than it was 30 or 50 years ago, something that I have looked at
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