Value is not dead, but quant is more than value! To the day five years ago, the announcement of the successful Pfizer-BioNTech COVID-19 vaccine candidate results triggered a major market rotation. Since then, the average #value stock has outperformed the average growth stock. Below, I share four graphs showing how value has evolved since the “vaccine day.” 1️⃣ Long-term performance The enhanced value strategy in global equity markets, as defined in my paper with David Blitz (Resurrecting the Value Premium), has delivered solid long-term returns despite the challenging 2018–2020 period. The Pfizer-BioNTech news on 9 November 2020 marked the turning point. The shaded area presents out-of-sample data after posting the value paper on SSRN in October 2020 (papers.ssrn.com/sol3/papers.…).

In contrast, benchmark-aware approaches that take many diversified bets based on a strong quantitative model, where value is just one of many elements, have benefited from value exposure while maintaining balanced overall risk. Taken together, these charts show that value is not dead. But they also remind us that quant investing is much more than value alone. It is about combining robust signals, continuous innovation, and adapting to new market situations.