PE*Margin instead of pe alone pe*margin should be negative correlated, but not so in reality. momentum causes such pattern
momentum performance not bad momentum + value have good performance in history
35th bubble: the UK bubble US high quality, no debt at all, cheapest US Fair value 860, two step forward, 1.75 step backward next bubble = Emerging market, commodity
Quite a good talk. A lot of stats about value strategy in history. pb, small cap are not really sound in history, they can be value trap especially in great bear market. Quality wins over time.