Mar

2

Value vs Growth

March 2, 2021 |

If ones decomposes the driver of value or growth what will find is that it is all about price. the fundamentals change very slow and by small amounts. here is a good academic paper that analyzes this link: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2083166

In other words, value was driven mainly by long-term (>5years) price mean-reversion. the reason for the underperformance over the last decade(s) is that long-term price reversals have not worked. 
this paper as well https://www.q-group.org/wp-content/uploads/2014/01/Linnainmaa-Dissecting-Factors.pdf 

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