Value investing lost AGAIN, but it’ll be back

It’s been a rough few years for value investors.

Ever since the global financial crisis, growth stocks have easily outperformed value shares.

Many factors — such as low interest rates, technological change, and government support — have converged to form favourable conditions for growth shares.

Investors have been rewarding companies seen to be part of the future, and finding boredom in businesses that are already earning a profit.

Bank of America Corp (NYSE: BAC) even declared the death of value investing last August. 

And that’s meant many value funds and their highly paid managers have underperformed, much to their professional embarrassment.

For example, in a year when ASX-listed exchange-traded funds (ETFs) saw a