Looking Backwards from This Week at 24, 20, 16, 12, 8, 4, 2, 1, 1/2, and 1/4 Years Ago (July 31-August 6, 2019)

Nir Kaissar: Don’t Count Out Value Investing Despite Growth’s Spurt: "A decade or more of lagging doesn’t mean the landscape has changed permanently.... A third theory—and the most generous to value—is that the measure of value is broken... While it’s true that P/B ratio has been the worst-performing measure of value over the last 12 years, it’s premature to call it obsolete. No one measure has performed consistently better than others in decades past, so it’s just as likely that P/B ratio’s recent struggles are purely coincidental.... Also, P/B ratio has a long history of strong performance relative to growth stocks following bouts of weak performance, and vice versa, which strongly suggests that its recent underperformance will prove to be cyclical rather than permanent.... Of course, investors can sidestep the value versus growth debate by simply buying the market...