FYI: Value investing is all about patience, but the current market cycle is testing the resolve of even the most dedicated disciples of Graham and Dodd. Although value managers haven’t lost money, they have watched growth managers steadily pedal away: Over the past decade, large-cap growth funds tracked by Morningstar have returned 15.6% a year on average, versus 13.2% for large-cap value funds.
Historically, value-style investing has performed in fits and starts—typically lagging behind growth for extended periods but ultimately winning the race, at least for investors who don’t drop out before the finish line. From January 1927 to December 2018, U.S. value stocks have posted an annualized return of 12.6%, versus 9.9% for U.S. growth, according to research from Gernstein Fisher.
Regards,
Ted
https://www.barrons.com/articles/value-investing-will-beat-growth-again-but-maybe-not-for-years-to-come-51554512175?mod=past_editions
