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One of the most important stock-picking tactics ever invented — the ‘Holy Grail’ for value investors — may be fundamentally broken

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whtwolf9653 / Flickr, CC Picking "value" stocks hasn’t been a reliable way to invest for about 10 years, Bernstein analyst Inigo Fraser-Jenkins argues. Value investing is one of the most basic strategies ever invented, a "Holy Grail" discovery that dates back to 1928. It relies on a standard principle of probability: "mean reversion" over time. […]

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