You could make the argument (and many people have) that HML and other simple value formulations aren't actually true value opportunities: they are just cheap and often value traps.
While I kind of look down at value, I think you can outperform with it but you need to look a lot deeper than simple ratios.
While I kind of look down at value, I think you can outperform with it but you need to look a lot deeper than simple ratios.