We discuss:
The impact of low interest rates and Fed policy on value investing
Whether too many investors have adopted value strategies
How narrative-driven markets affect value investing
The challenges value faces in a tech-dominated market
The role of big data and its effect on traditional value metrics
Whether value investing is betting against technological progress
We aim to provide a balanced view, acknowledging the arguments on both sides. While we don't come to a definitive conclusion, we offer insights on how investors might think about value in their portfolios going forward.
00:00:00 Introduction and overview of the value investing debate
00:00:32 Defining value investing: Graham, Buffett, and Bill Miller approaches
00:16:37 Reason #1: Did the Fed kill value investing with low interest rates?
00:22:17 Reason #2: Are too many people doing value investing now?
00:24:59 Reason #3: Is narrative driving the market more than fundamentals?
00:32:00 Reason #4: The impact of widely available financial data
00:36:35 Reason #5: The rise of "winner-take-all" businesses
00:41:46 Reason #6: Is value investing a bet against technology?
00:49:48 Reason #7: Value's performance tied to economic cycles
00:54:33 Concluding thoughts and takeaways
00:59:58 Wrap-up and closing remarks
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