[tempestn]

How many value investors actually manage to have positive three-factor alpha[1] though? Sure, adding a value tilt gives you an expectation of beating the market. Doing so on a risk-adjusted basis, after taking into account both increased volatility and the idiosyncratic risks of value stocks, is more difficult.

That said, if one is not sensitive to those idiosyncratic risks - ie if they have good job security and/or a large financial cushion - a value tilt can indeed provide an edge over the market. I personally would rather get it with low cost value index funds though, rather than taking on the non-systematic risks of investing in individual stocks.

[1] https://en.wikipedia.org/wiki/Fama%E2%80%93French_three-fact...