The Forgotten Style: Whatever Happened to Value?
AB Disruptor Series: The Forgotten Style: Whatever Happened to Value?
June 11, 2024
Presented by Rick Brink, CFA, James MacGregor, CFA, Cem Inal, Snezhana Otto, Artem Dergunov, Ruchira Amin, CFA
Today’s investment world has been called a “factor zoo,” but value was arguably the first. With name-dropping candidates from Graham-Dodd to Fama-French to Warren Buffett, the original style, termed an investment “superfood,” earned that label by outpacing growth over the better part of a century.
The tide turned for value around the time of the global financial crisis (GFC), with its popularity fading as growth soared. Despite the slump, a lot is happening in the “other half.” At the index level—and more so among industry leaders—dozens of strong growth and market-share stories have largely flown under the radar, judging from asset flows and multiples.
It might be time to change that.
Topics Covered
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The brief history of the value style and an assessment of its long stretch of dominance.
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An analysis of the post-GFC style inflection and the results of a 15-year intersection of flow trends and styles.
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The state of value today and a tutorial on the ways to measure and categorize value.
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A tour of value’s growth leaders across industries—even in the AI space.
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In the latest AB Disruptor Series episode, we take a deep dive into the state of value investing.
Today’s investment world has been called a “factor zoo,” but value was arguably the first. With name-dropping candidates from Graham-Dodd to Fama-French to Warren Buffett, the original style, termed an investment “superfood,” earned that label by outpacing growth over the better part of a century.
Past Topics
US banks continue to garner headlines—almost a year removed from the heart of the regional crisis, and with the looming end of the Fed’s program to help stop the bleeding.
Real estate is the original asset: a distinct combination of investment potential and utility for businesses and households.
Oil prices have been volatile for the past few years, and Russia’s invasion of Ukraine upended the entire supply/demand framework.