Is Value Investing Still Valid, But Only for True Believers?

Perhaps no other style of investing possesses the same degree of lore, scholarship, and celebrity as value investing. Yet, despite all the study, the books, the courses, the chat rooms, the podcasts, and investment clubs dedicate to the craft, value investing's track record in the post-financial-crisis world is underwhelming. What's going on here? Is value investing dead, or is life merely imitating art?