Guay, Wayne R2023-05-222023-05-222000-01-012016-05-31https://repository.upenn.edu/handle/20.500.14332/1098This is the peer reviewed version of the following article: Guay, Wayne. "Discussion of Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers." Journal of Accounting Research 38 (2000): 43-51. Web., which has been published in final form at http://dx.doi.org/10.2307/2672907. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving http://olabout.wiley.com/WileyCDA/Section/id-820227.html#terms.AccountingArticle