Nick wrote: "Value stocks are the risky ones"You should read William Bernstein's book.The value premium is well-documented. If you want to disagree with William Bernstein, Chris Davis, Warren Buffett, Benjamin Graham and me, be my guest.Futhermore, if you go to the DFA website there is plenty of data showing the efficacy of stocks with low book to market value. You are correct markets are definitely efficient, but there is a premium for value. buzman
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