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Opinion
Nir Kaissar

What’s Behind Value Investing’s Long Losing Streak?

The strategy has suffered a devastating drought for more than a decade, sending investors scrambling for answers.

Not much reason to smile lately.

Not much reason to smile lately.

Photographer: Ron Antonelli/Bloomberg

This is the first in a series of three columns.

If there’s an investing strategy that can credibly claim to be the first and oldest, value is probably it. Everyone loves a bargain, after all, whether they’re buying a home or a car, and stocks are no different. Indeed, the appeal of buying a piece of a company for as little as possible is so timeless and universal that it can’t rightly be attributed to any one person, place or period.