The Structural Return Argument Against Value Investing

Value investing had a singularly bad run from 2007 to 2020. (And it hasn’t done great since 2020, either.) Is that because value investing is broken, or did it simply hit a streak of horrendous luck? Skeptics of value investing have made many claims about why value investing doesn’t work anymore, but these claims tend to be light on evidence. 1 Value investing proponents have empirically…