Looking back through history, whenever value stocks have gotten this cheap,
subsequent long - term returns have generally been strong.3 From current depressed valuation levels, value stocks have in the past, on average, doubled
over the next five years.4 Not that we necessarily expect returns of this
magnitude this time around, but based on the data and our six
decades of experience investing through various market cycles, we believe the current risk / reward proposition is heavily skewed in favor of long - term value investors.