Subject: Re: Asness - markets got more inefficient
There is lot of evidence that the markets got more efficient. Maybe we need to write about "Underperforming Managers and Lying Liars Who Don't Want to Acknowledge That".

Value stocks underperformed because of fundamental reasons. Many of them got disrupted and their earnings did not recover like they used to in the past. To make matters worse, the companies doing the disruption are growth stocks, which further increased their relative performance as compared to value stocks.

Stop blaming the market.