As market valuations have reached all-time highs over the past 12 months, value investors have been faced with a difficult environment. High valuations coupled with disruption means that it's now harder than ever before for value investors to find diamonds among the rough.
Warren Buffett has reacted by allowing Berkshire Hathaway cash reserves to build to unprecedented levels, and other value-focused managers have followed suit. Investors who would have traditionally placed themselves into the value bucket have also been expanding outside of the traditional value hemisphere. Indeed, according to dataroma.com, which tracks the portfolios of 64 value...