It's been a long time but I remember one explanation of the value premium was value stocks are more likely to get wiped out in a crisis (no free lunch). Anothe

It's been a long time but I remember one explanation of the value premium was value stocks are more likely to get wiped out in a crisis (no free lunch). Another was that high commission costs would have eaten up all the gains in actually maintaining a value portfolio. Apparently there's a lot of churn in and out of value.