Is it value’s time to shine? Increasing numbers of investors have begun to ask if value is ready for a comeback By Dimitar Boyadzhiev 16 Value investing focuses on stocks that are underappreciated by investors and the market at large. This concept dates from the 1920s and has been supported by numerous empirical studies. The MSCI World Value index has posted returns since 1975 that are like the MSCI World Growth index and the market itself, as represented by the MSCI World index. But it has lagged significantly for nearly two decades. Disciplined, long-term investors, who opted for active or passive value strategies, have missed out on substantial returns as growthier stocks had been in demand.