After a decade of struggle, the past six months have finally given value investors reasons for optimism. Although the recent outperformance pales in comparison to the underperformance over the course of the decade, the fact that performance has improved, coupled with the arguments that a move toward increased fiscal stimulus may lead to a higher inflationary environment that would benefit value, has many value investors, including us, thinking we may have finally reached the turning point. And market experts have also jumped on the value train, with many predicting a strong year for value.
But times like these are our most dangerous ones as investors. When we become convinced we are right, it becomes easy to miss the arguments for the other side. So in this episode we decided to challenge ourselves and to try to make the best case we can against value investing.
We hope you enjoy the discussion.
ABOUT THE PODCAST
Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.
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