Time to be brave: Why there is still value in value investing

Revisiting the growth vs value debate

There has been much commentary recently claiming the end to traditional value investing. These views are held by highly successful firms and individuals, for whom I have great respect.

It is, however, a very one-sided view that is being put forward. It is relatively easy to support this argument after 11 years of growth investing quite clearly outperforming value. But there is very rarely only one side to a debate and, as Nassim Taleb says in The Black Swan: The Impact of the Highly Improbable: "Once your mind is inhabited with a certain view of the world, you will tend to only consider instances proving you to be right." Value has certainly had a dark time of it over the last 11 years, with 2016 being the only year that it has outperformed growth, but there is no d...