Making the case for long-term value investing — again

Cullen’s book uses that perspective skilfully to remind us that stock market history — so far- has a long term bias towards value. His argument is perhaps too blunt, scarcely discussing important developments like the rise of index funds and tech giants that have a seeming lock on the digital economy. But his fundamental case, that value stocks will come good again because they must, is undeniable. The question investors will want to ask is — how good?