---- Acknowledgments ----
For helpful comments, we thank our discussants, Rob Ready and Partha Mohanram, as well as other seminar participants at the 2018 Citrus Finance Conference at University of California, Riverside, Ben Graham Centre’s 7th Symposium on Intelligent Investing at Western University, Emory University, Erasmus University Rotterdam, Helsinki Finance Seminar, Ohio University, PBC School of Finance at Tsinghua University, Shanghai University of Finance and Economics, Seoul National University, The Ohio State University, University of Cincinnati, and University of Piraeus. Some related results were reported in our prior work titled “The economics of value investing” (no longer in circulation). All remaining errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.