FYI: Value investing is probably the most intuitive investment strategy there is: Buy what's cheap and avoid or sell expensive alternatives. Valuations have an undeniable impact on investment returns. The higher they are, the lower future returns tend to be. Yet, valuations don't appear to be very helpful for tactical adjustments across regions, sectors, and factors, or for timing exposure to credit risk.
Regards,
Ted
https://www.morningstar.com/articles/930974/valuations-arent-great-for-timing-investments.html
