Value investing is a well-known and recognized investment style that was originated as early as the 1930s. Value investors actively select stocks trading below their intrinsic values, assuming such undervaluation is temporary and that there are prospects for price appreciation in the near future. Classic value factors include the price-to-book (PB) ratio and the price-to-earnings (PE) ratio. The standard PE ratio uses the current price of an asset and the latest 12 months of earnings to give a current indication of an asset’s value. Although useful for investors with a short investment horizon, one-year earnings tend to provide noisy signals influenced by business cycles. The Cyclically Adjusted Price Earnings (CAPE®) ratio, which Professor Shiller introduced in a series of academic articles co-authored by John Y. Campbell,’ uses the average of the past 10 years of earnings. Averaging 10 years’ earnings allows the CAPE® ratio to account for mean reversion of earnings and for earnings variation within the business cycle. The CAPE® is often cited in financial publications as a valuable value indicator to assess equity market valuations through a long-term lens.