Podríamos entrar en un profundo debate sobre el tema, quizás citando por ejemplo al llamado decano de la valoración, Prof. Aswath Damodaran, del que aconsejo los artículos de su blog como este de no hace mucho; http://aswathdamodaran.blogspot.com/2020/05/a-viral-market-update-viii-crisis-test.html I believe that value investing has lost its way, a point of view I espoused to portfolio managers in Omaha a few years ago, in a talk, and in a paper on value investing, titled Value Investing: Investing for Grown Ups? In the talk and in the paper, I argued that much of value investing had become rigid (with meaningless rules and static metrics), ritualistic (worshiping at the altar of Buffett and Munger, and paying lip service to Ben Graham) and righteous (with finger wagging and worse reserved for anyone who invested in growth or tech companies). I also presented evidence that it was bringing less to the table than active growth investing, by noting that the average active value investor underperformed a value index fund by more than the average growth investor lagged growth index funds. I also think that fundamental shifts in the economy, and in corporate behavior, have rendered book value, still a key tool in the value investor's tool kit, almost worthless in sectors other than financial services, and accounting inconsistencies have made cross company comparisons much more difficult to make. On a hopeful note, I think that value investing can recover, but only if it is open to more flexible thinking about value, less hero worship and less of a sense of entitlement (to rewards). If you are a value investor, you will be better served accepting the reality that you can do everything right on the valuation front, and still make less money than your neighbor who picks stocks based upon astrological signs, and that luck trumps skill and hard work, even over long time periods. Pero entrar a debatir de manera generalista sobre el Dios Péndulo del value vs growth, etc... que IMO por supuesto siempre tendrá su hueco fruto del errático comportamiento humano, sería volver a caer en la trampa de siempre de los Balue patrios. Aquí IMHO quizás deberíamos tener debates más serios y objetivos sobre lo que no tratan en sus cartas:S2