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After a long, dark, cold winter, green shoots have emerged across the landscape of systematic value strategies--those that buy stocks that are cheap relative to some fundamental measure of their worth. Exactly what has plagued these approaches for so long has been widely debated. And while the recent thaw has been welcomed by many long-suffering value disciples, even some of the factor’s biggest fans worry that it may be a false spring.
Here, I’ll look back at value’s cold streak, survey some of its potential causes, touch on the catalysts behind its turnaround, and explore whether there’s any value left in value today.