Contrarian Investor: What does the future hold for value investing?

Is value investing dead and buried in this strange, disconcerting stop-start, risk-on/risk-off world?

On paper, the ideas of investing gurus such as Ben Graham seem perfectly suited to our uncertain times, especially as many of his most important ideas took shape in the dark days of the last great global depression. Value investors live and breathe the challenge of risk reduction and controlling the downside. It is certainly true that over the long term, that cautious approach has paid off handsomely. Academic study after academic study has shown ‘value stocks’ (however defined) have produced superior risk-adjusted returns over the last sixty years. But maybe we are living in a ‘new w...