It’s been a long, hard slog for value stocks lately. I’d say we’re long overdue for a value recovery. But what would it take?

Whether you look at one-, three- or five-year results, the cheapest global stocks have logged some of their worst relative performances in 40 years. This losing streak is also the longest on record, far surpassing the average slump of a year and eight months and the previous record of two-and-half years.

Why has value failed so badly this time round? After all, value stocks have outperformed in the prior three recessions and other geopolitical upheavals. But this crisis has been much more severe and tenacious, and its effect on investor confidence has been much more corrosive. ....