What is Value? The standard definitions are less than helpful. Many academics have settled on price-to-book value as an indicator, divvying up the investment universe into value and growth stocks based on this metric. This has become an important asset allocation and risk diversification tool. One expects, then, that the composition and returns of the “growth” and “value” versions of the major indexes would be quite different, right? (Hint: if that were so, we probably wouldn’t have written about it.)

Download: April 2017 Stahl Compendium