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There is no reliable evidence that value investing still outperforms the market on a risk-adjusted basis. Everyone knows the trick now so the trick no longer works.



There's no reliable evidence that it doesn't, either. Value has never been something that works all the time. You have to put up with lagging performance when growth stocks are ascendent, which could be a reason that value keeps working in the long term. Time will tell whether it has its day again.




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