This article starts off on the wrong foot: "Value investing is a form of creating dumb alpha. After all, in its simplest iteration, value investing boils down to selecting stocks with the lowest price-to-earnings (P/E) ratio or lowest price-to-book (P/B) ratio."

Just no. Value investing is about finding underpriced securities. It is not about simply low valuation ratios. MPT junkies and product creators turned this into sifting the stock universe by these variables, but that is not one and the same.