Readily measurable indicators of cheapness are no longer sufficient on their own to produce a sustainable investing edge.

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• In tension with

  The stock market has become less informationally efficient over the past thirty-plus years, particularly in the relative pricing of common stocks over medium horizons.

  Asness says the market has become less informationally efficient over thirty years, particularly in the relative pricing of common stocks — which is the case that measurable cheapness should work better than ever. Marks says readily measurable indicators of cheapness are no longer enough on their own. Both survive if the mispricing has grown while moving out of reach of simple measures, and that is a substantial claim neither makes.

Shared subject first, then similar wording. They may agree or disagree.

• All genuinely intelligent investing is, by nature, sustainable investing. GSGuy Spier2 Jun 2025value investing
• Value investing should mean buying whatever offers the better value proposition on all factors, not buying one side of the value/growth divide. HMHoward Marks11 Jan 2021value investing
• Value investing today is simply buying something for less than it is worth, which all intelligent investing should be MMMichael Mauboussin3 Mar 2023value investing
• Cheap clean energy has broken the old trade-off between raising living standards and cutting environmental harm. CHCasey Handmer11 Oct 2023
• A market becomes commodified through fungibility of alternatives, not merely through lower price. RKRohit Krishnan26 Aug 2026

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