Einhorn, value-investing peers suffer years of hurt

David Einhorn has reason to be frustrated. The hedge-fund manager and his value-investing peers aren’t benefiting from the current bull market in U.S. stocks as they did the last time around. The ratio between the S&P 500 value and growth indexes is close to a 17-year low, set last month, after falling as much as 24 percent from a peak in 2009. By contrast, the ratio rose as much as 36 percent during the five-year advance that ended in 2007. Einhorn raised the issue of “whether value investing is a viable strategy” in a letter written to clients of his firm, Greenlight Capital LLC, and seen by Bloomberg News.