Value? What value?

The traditional definition of value investing, rooted in Ben Graham's specific security analysis, has evolved significantly. Modern benchmarks, like the Russell indices, now categorize stocks based on quantitative metrics, leading to a disconnect between traditional value principles and index composition. This has resulted in mega-cap tech stocks being classified as "value" due to algorithmic scoring, rather than fundamental undervaluation.

This shift highlights a growing need to redefine how we measure investment styles. Separating value benchmarks by valuation metrics and growth benchmarks by business outlook, rather than forcing an arbitrary market split, would provide a clearer picture of investment performance. Reconsidering these measurement systems is crucial as we approach significant anniversaries in investment analysis.