Friday Morning Coffee Nr. 68: Worst ever

010819 Friday Morning Coffee

Friday Morning Coffee Nr. 68: Worst ever

While we are celebrating the 50th  year anniversary of the moon landing, that undoubtedly a “big step for mankind” and the 50 years of Woodstock, certainly an important trigger for profound sociocultural change in our societies, we are having little reason to celebrate as value investors when we look at the performance statistics of our investment style. Not only has value underperformed growth by several percentage points a year since the financial crisis, but the picture has been particularly bleak in 2019 so far.