For those who are interested in what value investing is, I suggest you all to refresh on Graham's Security Analysis and Intelligent Investor. True value investing is an exercise to combine market multiples, balance sheet strength, cashflow analysis and your due diligence on where you think the company will be given the ongoing changes in its operating environment. As far as I remember, Value started with buying companies that below their liquidating value (trading below net working cap), and the rule had relaxed somewhat over time. To me, value is how much the company is worth, assuming there is no growth (aka PVGO = 0) and how predictable the cashflow is because the quality/predictability is then back into the discount rate. So higher the quality, lower the discount rate, and so higher the price multiples.

GARP seems to do well when capital is abundant and cheap , and many companies can pursue whatever strategies they want to maintain the growth targets. These activities aren't all value additive, and you can see the goodwill in many corporate balance sheets ballooning. Then once the volatility returns, you are killed by earnings and multiple contractions. From personal experience, GARP works only when you manage the portfolio actively, and by actively, I don't mean trade, you just havet o stay on top of all things that affect your "g" when you lean heavily into the PVGO, and the list is long.