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John Authers

The Death of Value Has Been (Slightly) Exaggerated

A historic period of underperformance suggests it’s a broken tool for stock selection. It can be fixed.

Broken tools can be repaired.

Broken tools can be repaired.

Photographer: Judy Radovsky/Getty Images

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It seems a fact of life in the post-crisis era. Value isn’t as valuable a tool for investors as it used to be. Why? And will it finally recover? The debate among investors and financial academics is growing intense.