Value Investing Is Rigid, Ritualistic, and Righteous
Damodaran's diagnosis of value investing's decline is that it became a religion: rigid rules that prevent nuance, rituals like reading Security Analysis and making the Omaha pilgrimage, and a righteousness that blames passive investing rather than accepting responsibility for underperformance. The result is a style that ChatGPT can now replicate in seconds — and that still refuses to acknowledge intangible or growth assets.
