It is almost funny that Eugene Fama, the Nobel Prize winner and main face behind the efficient market craze has evolved over time and acknowledged that value indeed beats growth investing. The two market anomalies that show how markets aren’t efficient after all, are size and value. Fama explains the overperformance through additional risk but we will see in upcoming parts that a value investor approaches risk in a different way than academia. The findings were published in the now famous 1993 Journal of Financial Economics article by Fama and French; Common risk factors in the returns on
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