Recent Articles

What Goes Up Might Not Come Down

by Wes Crill, PHD; DFA Senior Investment Director and Vice President US stock market indices hit all-time highs in recent weeks, leading some investors to wonder whether now is a good time to be in stocks—or do record levels portend an upcoming tumble? The historical data should help allay such concerns. New highs for stocks […]

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Draft Picks & Value Stocks

by Wes Crill During the National Football League’s recent draft, teams selected from hundreds of prospects to build rosters for the future. It’s my favorite sporting event of the year, mainly because it provides an opportunity to see professional evaluators miss wildly with their projections.1 And while many sources of uncertainty contribute to these misses, NFL

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When It’s Value vs. Growth, History Is on Value’s Side

Historically, value stocks have outperformed growth stocks in the US, often by a striking amount. Data covering nearly a century backs up the notion that value stocks—those with lower relative prices—have higher expected returns. Value premiums have often shown up quickly and in large magnitudes. For example, in years when value outperformed growth, the average

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