When you look back as far as 80 years for which we have data, rather than moving about without rhyme or reason, the stock market methodically rewards certain investment strategies while punishing others. There’s no question the value-based strategies that work over long periods of time don’t work all the time, but history shows that after what turn out to be relatively brief periods when other things seem to be all that matter, the market reasserts its preference for value, often with ferocity. My basic premise is that given all that, investors can do much better than the market if they consistently use time-tested strategies that are based on sensible, rational, value-based methods for selecting stocks.