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John Authers

Value's Long-Awaited Dawn May Finally Be Here

The speed of the recovery is unlike anything seen in the past decade.

Another false dawn for value stocks? Perhaps not.

Another false dawn for value stocks? Perhaps not.

Photographer: Mark Kolbe/Getty Images 

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Something’s happening to value stocks. They’re recovering. This has had a big impact on stock markets this year, as many of the 2020 champions have suffered a correction. It has also been great for active fund managers, many of whom are committed to a value style. It was difficult to beat the market when that required taking big positions in half a dozen stocks that already looked way overvalued; arguably the only way to do so was to be wildly irresponsible. This year, active managers begin to look both savvy and responsible.