Mr. Williams,

Thank you for bring this information to light.

Higher required returns doesn't equivalate to higher realized returns.

This is a good thing since value indices tend to be dominated by financial firms, leveraged black boxes powered by morally questionable leaders.

I can imagine financials trading at lower valuation multiples and I can imagine these companies going busts in cyclical downturns.

Maybe the real question is - "what is value?", and does the Fama-French definition for value make sense?