Jason is correct that many investors who place their capital with value investing firms will not stay with the firm long enough through multiple cycles in order to capture the value premium. Paradoxically, that is part of the reason that the value premium exists; when many abandon the strategy for greener pastures, such as now when markets rise regardless of fundamentals, it actually creates opportunities for patient, disciplined value investors. One has to be able to bear pain well in order to be a value investor, but not all are doomed to burn out.
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