Value style investing has been shown to be a good long-term strategy, but there are criticisms about how it's measured. Some experts argue that value and growth investing can work together, and the value premium in value stocks is not well understood. The problem seems to be with how risk is measured, affecting the discount rate. By introducing fair value indexation, which looks at individual stocks' unique risk and reward characteristics, biases in different types of indexes can be avoided. This approach aims to improve long-term returns without sacrificing liquidity or capacity.