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I think value investing in the US market perhaps doesn't work as well as it used to, say 20 years ago. There is way too much competition here in the US with every Tom, Dick & Harry obsessed with investing (no one here wants a "real" job any more); hence the edge is being competed away. Besides with the market endlessly picked over by both public & private fund managers and due to the effect of technology upending many "old guard" businesses, there are now way more value traps than real values. I agree with the comment that human emotions like greed and fear will always be with us but that doesn't necessarily mean that it hasn't become exceedingly difficult to beat the market index over the long haul. Even Berkshire roughly matched the index over the last 20+ years. However I disagree with Spier in that I don't think AI & LLMs have got anything do with it. They are simply tools which everyone will have just like Excel. They can't replace thinking & judgment. Charlie Munger used to say you have got to fish where the fish are. I think the fish are mainly outside the US these days.

Doesn't Spier claim this every four or five years (esp when he underperforms)? Or maybe I'm thinking of someone else. The true value investing ala Walter Schloss and Ben Graham hasn't really been possible since the K's and Q's got put online and you could screen 1000s of companies at once. But as per Munger, all smart investing is value investing - its just a matter of what you deem "value".