Time to shine: Is there now 'value' in value investing?

Reclaim language of value investing

Value or growth? It is an age-old debate and a slightly irrelevant one given the changing makeup of the economy and the gentle decoupling of intrinsic value from financial statements.

Growth investing has been in vogue over the past decade. Mean-reversion contrarians are understandably asking whether it is now the turn of value to outperform growth on a sustained basis? However, using these crude style category terms mis-frame the issue. Growth and value have been co-opted by academic practitioners, borrowed by marketing departments, and defined into irrelevance. There is now value in value investing because there is always value in value investing - so long as it is properly understood. Moreover, authentic value investors should reclaim the language of value...