I agree that its probably a wonderful time to buy a lot of these "value" funds that were asleep at the wheel when it came to getting under the hood of the balance sheets... LMVTX, TAVFX and a number of others likely contain holdings whose prices may have been overly discounted and could likely rise more than the overall market over the next three years or so...

But that is like trading an actively managed value fund like a sector fund.... why not just buy the sectors containing the falling knives that these managers have been slicing themselves up with?  Because you will surely need to unload them at some point in the future to retain any of the escalation that you might enjoy over the next few years...

And how can any of these funds be classified as long term "capital appreciation" vehicles when your capital doesn't appreciate over ten years?  Why will the next ten years be so different from the last?

As always, with value funds you are buying the manager and his process... and that can easily be weighed over a ten year period... to "keep the faith" in a process that shows no evidence of being worth the effort seems the essence of delusion... but arent we all a little delusional?

Ajw