Larry Swedroe, chief research office at Buckingham Strategic noted in a recent post about the underperformance of the size and value factors in the US equity markets. The Reports of Factor Investing’s Death Are Greatly Exaggerated I think people need to contextualize and look at what they can gain from shifting to more low volatility, momentum, value, or smaller stocks more in a systematic-active buy-and-hold over a longer period time frame than year by year. If it is year by year, there will be periods of underperformance. Larry wish to bring to our attention that everyone knows how well the S&P 500 did over risk-free US Treasury Bills. This is what we call the market beta factor. In a way, if you say factor investing doesn’t work, then why are you still investing in equities when you could invest in fixed income? Yet what I see is that some of...