, Columnist
Value Investing's Rebound Is a Question of When, Not If
The strategy has disappointed before — and the periods that followed were hugely lucrative for investors who still believed.
Give it time.
Photographer: Ron Antonelli/Bloomberg
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This is the last in a series of three columns.
In the previous two columns, I showed why value’s losing streak to growth since around 2007 is among the worst, if not the worst, in nearly 100 years, and why popular explanations for value’s latest slump don’t quite add up. Now let me offer an alternative explanation, one that is far simpler: Like any investing strategy, value disappoints occasionally and sometimes for long periods, but it will be back.