P/B of the top third most expensive stocks divided by the P/B of the bottom third cheapest stocks is about 12, the highest ever.

Historic median: 5.5

“Value is so extraordinarily cheap. There are just extraordinary bargains there.” https://www.institutionalinvestor.com/article/b1lp9wzz1756nr/Value-Managers-Fight-Back

“I think it’s going to be a violent turn that will give value investors a great opportunity over the next decade.”

David Herro, Harris Associates’ CIO, argued that the underperformance of value has scared away investors.

“There’s so much underexposure to these businesses”