Valuation-Informed Indexing #532: Did the Basics of How Stock Investing Works Change in 1996?

I’ve posted Entry #532 to my weekly Valuation-Informed Indexing column at the Value Walk site. It’s called Did the Basics of How Stock Investing Works Change in 1996?

Juicy Excerpt: It would be a big thing to conclude that something changed in 2006. If that were so, wouldn’t that throw into question all of the research that looked at data from years prior to 2006? We don’t know what this mystical something is that supposedly changed. How can we know what adjustments are needed in all of the research from earlier years to take into account this mystical something?