Sure, it’s not just a question of ratios. But I think it’s hard to make the case that « value » has worked lately as well as it used to work. Active value is n

Sure, it’s not just a question of ratios. But I think it’s hard to make the case that « value » has worked lately as well as it used to work. Active value is not outperforming either: http://news.morningstar.com/fund-category-returns/ http://news.morningstar.com/fund-category-returns/ If you think those are closeted indexers we could look at hedge funds and I don’t think value stars have shined in the last years (but maybe my perception is not fair and it’s the result of over-reporting of the misfortunes of value investors: https://www.google.ch/amp/s/www.bloomberg.com/amp/news/articles/2018-10-25/value-investing-claims-another-casualty-as-5-billion-spo-shuts https://www.google.ch/amp/s/www.bloomberg.com/amp/news/artic...). But the fact is that even Warren Buffet is doing just “ok” in relative terms. (Yes, he has a lot of money to manage. But he also has access to investment opportunities that nobody else has.)