[[Start here]] → [[Sources]] → Asness et al --- Great paper on Value Investing by the legends: Cliff Asness, Andrea Frazzini and Toby Moskowitz. They attempt to debunk some “fictions” about Value investing, including (but not limited to): * that you can only earn value profits through concentration * that value investing is a “passive” strategy As well as some “facts” (not limited to): * that you can improve value returns with quality measures * that [[value is best measured by a composite, not a single ratio]] * that standalone value is weak amongst large caps The original paper can be found on [SSRN here](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2595747).