If you wish to know why the value investing strategy lost its edge in the past 12 years read my recent paper—Explaining the Demise of Value Investing— at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3442539. The time-honored value strategy which involves investing in low-valuation stocks and selling short high-valued stocks yielded above market returns since it was introduced by Ben Graham (Warren Buffett’s teacher at Columbia University) in the 1950s. The success of the value strategy led to the creation of hundreds of “value funds” offered to investors. Alas, since 2007 this strategy stopped performing, leading to investors’ losses and a migration to index (passive) funds. Lots of investors wonder about the reasons for the “demise” of value investing and whether it will return to its days of glory. Read please our empirical analysis of this important issue.