The factor was not broken.
It was in winter.
13
Years the value factor went flat to negative, 2007 to 2020, its deepest drought since 1963
Friend forwards a value tilt fund. Few years in, it has gone nowhere, and he wants to know if the whole idea is dead. Pulled the long history before answering. The value premium has paid for ninety years. It also once made people wait thirteen of them. The drought is not the bug. It is the reason the premium is still there to collect.