From roughly 2008 to March 2022 (approximately 13-15 years), value investing underperformed because two key mathematical components collapsed: interest rates approached zero for the first time in recorded history, destroying the discount rate pillar of value analysis, and simultaneous techno-optimism reduced perceived risk in distant cash flows of network-effect businesses like Amazon and Google.
causalpending
Speaker
Chris DavisEvidence Quote
“since the great financial crisis we went through almost a 15-year period and it was really about 13 years where both of those parts of the equation sort of collapsed most importantly for the first time in all of recorded history the cost of money was free”
Created: 8/11/2026, 7:57:58 AM
My Notes
Loading notes...