Robeco has a short and easier-to-digest article about the resurgence of the Value factor. The main idea is that value is still alive despite many people feeling it does not work anymore. Robeco’s data includes the broad, large and mid-cap developed AND emerging markets. This is pretty unique as most data is US-centric. I picked out the following charts to be more interesting for me. The chart below shows the forward price-earnings for the top (value) and bottom (expensive) quintile portfolios of an enhanced value strategy (which is a composite value strategy based on book-to-market (R&D adjusted), EBITDA/EV, CF/P and NPY metrics). The investing universe consists of developed and emerging market indices. We observe that the median P/E for value stocks stays around 11 times (low of 8 and high of 14) but the most expensive stocks is around 20. During the dot-com bubble, the number goes as high as 30 times and during Covid recently, it ends up higher....