The term value investing remains one of the great PR schemes promoted by WallStreet. However when used by academia it has a precise meaning. It was Gene Fama and Ken French that first described and discovered an asset class that produces above average returns with less risk.
Today there are index mutual funds that capture the value premium without all the research necessary to follow Graham's methods.
The value premium over the last 35 years has persisted worldwide and to date has not been wiped out as have many other market anomalies. However the value premium does appear in cycles which suggests that our method of measuring risk by using the standard deviation is missing some factor we do not know.
Several days ago a "value" fund announced that for the 15th straight year Bill Miller had outperformed the S&P 500 index. Indexers were quick to point out that the S&P was the wrong index to measure Bill's performance.