Last month Barron’s published an article by Brendan Conway named Value Investing goes Back to the Future. In the piece, Conway goes on to try to establish the premise that value investors have changed from using historical prices or backward-looking measures to more risky forward earnings or forward-looking measures. What exactly is value investing? Value investors buy attractively priced stocks, but there are backward-looking measures, as well as forward-looking ones. Lately, the forward measures are winning, and that fact tells an interesting story about what’s driving investors. When value investors start to use forward-looking measures, I immediately begin to...