Value? Yes. "Systematic?" Not Necessarily
Plus! Ad Supply, Ad Demand; Venture Debt; Quibi; Slack and Switching Costs; Cloud; and more...
Systematic value investors have had a hard month, a hard 2020, and, in fact, a hard decade. Right now, according to the Fama-French data library, value is going through its worst ten-year stretch of underperformance since the start of the time series in 1926. March was the single worst month of underperformance in the history of the factor: an investor …