PT - JOURNAL ARTICLE AU - Clifford Asness AU - Andrea Frazzini AU - Ronen Israel AU - Tobias Moskowitz TI - Fact, Fiction, and Value Investing AID - 10.3905/jpm.2015.42.1.034 DP - 2015 Oct 31 TA - The Journal of Portfolio Management PG - 34--52 VI - 42 IP - 1 4099 - https://pm-research.com/content/42/1/34.short 4100 - https://pm-research.com/content/42/1/34.full AB - 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.TOPICS: Security analysis and valuation, portfolio theory, portfolio management/multi-asset allocation