This is a great article, Eunice! I like how you've conveyed quite a lot of technical nuance in distilling the essence of value investing. :)

What you are saying here sounds incredibly difficult to manage.

Many investors already find it difficult to translate reported accounting figures to business reality without doing considerable scuttlebutt analysis. Now they're also supposed to understand the broader socioeconomic context and to appreciate how technology or politics might disrupt the entire status quo completely? Then track the interactions between the micro (companies), meso (industries) and the macro (entire economies) levels?

My "day job" is to demystify some of the micro and meso-level stuff, so I don't mind this change. It keeps me employed.

But you are convincing me, more and more, to take a passive approach to my own investments, especially since the effort and the expense of tracking so many variables and interactions is immense. :)