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FYI: The value effect (stocks with lower valuations, as most commonly proxied by book-to-market ratio, tend to have higher returns) was one of the factors in the workhorse Fama-French three-factor (beta, size and value) and Carhart four-factor (adding momentum) asset pricing models from the early 1990s until recently. Regards, Ted http://www.etf.com/sections/index-investor-corner/swedroe-value-needs-cash-excel?nopaging=1
