Maybe . . .
https://actiquant.com/2019/02/05/value-pushes-back-against-the-bear/
Thank you Marc!
Much to like. Of course, I know less than most about when the turnaround in value FACTORS will occur and will save people my time-wasting speculation.
What I definitely like is the use of the top 20% minus the bottom 20% as a statistic. And I like the large amount of information provided with its clean presentation.
On a deeper level I like this quote from the piece: “Bear in mind, here, that this presentation is about Value as a factor. ‘Value Investing,’ the process of identifying and choosing stocks whose valuation ratios, however high or low they may be, are lower than where they should be in light of company characteristics, was never out of fashion and never will be.”
Adds a bit of complexity to what we do. I think a book could be written about all of the reasons that these factors might work and when they will work—considering that alone, they are different than (but related to) the actual value of company. And I won’t start with something that would probably be half-wrong in the narrow context of this post. In the end it would not add much to this simple but elegant statement anyway.
Just about perfect IMHO.
-Jim