Has Amazon Killed Value Investing?

It's been a tough time for value investors. Earlier this year, a research report from Goldman Sachs noted that value investing -- selling higher-valued stocks and buying undervalued ones -- no longer provided investors with the same overperformance as it once had. In fact, the strategy would have resulted in a cumulative loss of 15% over the prior decade, while the S&P 500 has nearly doubled.

That's a significant shift: In 1997, Professors Eugene Fama, a Nobel prize winner widely considered the father of modern finance, along with Kenneth French, published a research study showing that during the 20-year period ended 1995, the difference between investing in low book-to-market multiples (value stocks) versus high multiples (growth stocks) was 7.6% per year.

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Source: Fool.com