I went to columbia business school, where buffet is revered and the value investing program is the most exclusive and sought after program in the curriculum (and arguably one of the few that actually teaches useful skills). they publish a letter called graham and doddsville with articles and stock pitches from modern day value investors.<p>i didnt do value investing but took some classes and attended some talks, so i am not an expert, but from what i saw, things have changed a lot. it is harder to be a value investor today just because everything is so expensive. just like 50 years ago opportunities to buy businesses for less than book value became harder and harder to find, in today's market it is much harder to find value investments as defined by traditional valuation metrics like EV / EBITDA, ROIC, FCF / earnings yield, etc<p>Value oriented funds, and long / short equity funds in general, have been having a tough time. Too many funds popped up in the last 20 years and they are all competing for a few good investments. People are changing the definition of "value", though i am not sure if anyone has found a good one. Many people pitched FB and Google as value stocks, even though by traditional metrics they could not qualify as value investments<p>Bill Ackman, a prominent investor and sponsor of an investing contest that is a major part of the value investing curriculum, said if he was starting today he wouldnt be an investor, but would start a tech company. He wasn't the only HF manager who expressed that sentiment