The world seems to make a little more sense now that "cheap" shares are finally doing better than "expensive" ones; yet in fairness to recent markets, there has never been as much human analytical effort nor computing firepower thrown at the market problem as in the past 10 years.

There is no such thing as a silver-bullet ratio for shares. Once upon a time, the misinterpreted promise of "styles" was that they would provide one, but in reality the academics were looking more from a framework of risk/ return. And just looking at p:es or dividend yields as determinants of value is too simplistic...

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