Fact, Fiction, and Value Investing
梳理了价值投资中常见的困惑，通过学术文献回顾和基于公开数据的简单检验，澄清了关于分散化系统价值策略的多个误解。
Value investing has been a part of the investment lexicon for the better part of a century, with the diversified systematic value factor (or value effect) studied extensively since at least the 1980s. The authors aim to clarify the many remaining areas of confusion about value investing, focusing on the diversified systematic value strategy, but also exploring how this strategy relates to its more concentrated implementation. They highlight many points about value investing and attempt to prove or disprove each of them, referencing an extensive academic literature and performing simple, yet powerful, tests based on easily accessible, industry-standard public data. <bold>TOPICS:</bold> <ext-link>Security analysis and valuation</ext-link>, <ext-link>portfolio theory</ext-link>, <ext-link>portfolio management/multi-asset allocation</ext-link>