In this episode, Wes Crill, Head of Investment Strategists at Dimensional Funds, joins us to discuss the latest issues surrounding value investing. Stocks trading at low price/book valuations have historically outperformed the broader market due to their inherent riskiness, whether due to the cyclical nature of their businesses, capital intensity, or higher financial leverage. However, an increasing number of academics and investors are questioning the relevance of book value (assets less liabilities) as the basis for measuring company valuation as opposed to earnings, cash flow, sales, etc. As global economies transition to the digital age with capital investments increasingly focused on research and development and software licenses, is book value still relevant as a valuation metric for today's investors?