Value has not performed particularly well over the last decade: see page 6 in https://www.yardeni.com/pub/style.pdf

Most of these charts rely only on quantitative measure of value like P/E and that has certainly under performed by a lot. But value investing goes beyond such quantitative measures.

Sure, it’s not just a question of ratios. But I think it’s hard to make the case that « value » has worked lately as well as it used to work.

Active value is not outperforming either: http://news.morningstar.com/fund-category-returns/

If you think those are closeted indexers we could look at hedge funds and I don’t think value stars have shined in the last years (but maybe my perception is not fair and it’s the result of over-reporting of the misfortunes of value investors: https://www.google.ch/amp/s/www.bloomberg.com/amp/news/artic...).

But the fact is that even Warren Buffet is doing just “ok” in relative terms. (Yes, he has a lot of money to manage. But he also has access to investment opportunities that nobody else has.)

It still works, because not everyone is in it for the long term. Some want to chase profits on shorter timescales, so will use their capital in other ways rather than sit and hold.

Value investing works even better when you're not in the public markets.

That's only if you can access private equity. For the average retail investor, it may as well not exist.