An Interesting Investment Observation

A recent article in the NYT describes the benefits of value investing. 

Mr. Cullen said that his firm’s research showed that $1 million invested in the Standard & Poor’s 500-stock index in 1968 would have been worth $79 million by the end of 2013. But $1 million invested in the 20 percent of the S.&P. 500 with the lowest price-to-earnings ratios would have been worth $578 million.