Value has outperformed growth for decades on a total return basis. Large investment firms such as Dimensional Fund Advisors have identified value as a factor that is persistent and investible, and as a result, have based much of their investment philosophy and business around this academic observation.
Over the past 40 years, as well as over longer periods, patient investors have been rewarded for having a value tilt within their equity investments. However, this approach has come under fire in recent years as value has significantly underperformed growth. Because the reversal in trend