What are your thoughts on the following article reviewing Jeremy Grantham's recent letter to investors about the applicability of value investing today?
https://www.marketwatch.com/story/value-investing-isnt-what-it-used-to-be-says-jeremy-grantham-2017-06-02
Submitted by causaldiamond. Created on Tuesday 14th November 2017. Updated on Wednesday 6th March 2019.
Adjusting For Interest Rates
Dear causaldiamond,
Thank you for your forum post!
Graham himself wrote:
Serenity has addressed Graham's own recommendations on tailoring his quantitative rules for current interest rates, and has always adjusted Graham's qualitative factors for inflation. The above article criticizing Value Investing does not take this into account.
Serenity has previously published an article about such common misconceptions about Value Investing.
Graham first wrote about Value Investing 80 years ago. Buffett's predecessors such as Irving Kahn — and successors such as Seth Klarman — have endorsed Graham's framework just as emphatically.
So could principles that have held true for nearly a century changed dramatically in the last 9 years?