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No. Using a P/E ratio to determine whether a security represents a partial interest in a business is a "value stock" is like changing a car tire with a pickle. Someone may want to use a P\E ratio as a statistical factor in a index fund. That's different.…
Fama/French's "value" is determined by a database screen that sorts based on factors like book value.

Charlie Munger's "value" is a function of margin of safety, determined by measuring price against intrinsic value based on estimated future cash flows.…
People seem to know the difference between: 1) active investing and 2) an index fund. But if the term "value" is used, their views on the two styles often collapse into one and a statistical factor useful in creating a fund is thought of as a way to value a specific business.
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