Value investing isn't so much "valu" investing as it is "information manipulation"- hence both active traders (and i'm not talking about day traders or scalpers here) and the classical value investors don't follow the one rule that fundamentalists are so stuck with- that the markets are efficient. Value investors themselves show that markets ar un-efficient. I've had arguments with professors on this. It usually turns ugly with a few references from their supporting students to my South Asian background and no expereince in the stock markets. F them!