Value? Yes. "Systematic?" Not Necessarily

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Systematic value investors have had a hard month, a hard 2020, and, in fact, a hard decade. Right now, according to the Fama-French data library, value is going through its worst ten-year stretch of underperformance since the start of the time series in 1926. March was the single worst month of underperformance in the history of the factor: an investor …

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