A recent article in Bloomberg offers insights on the outlook for value investing, highlighting a recent talk given at a London conference by Inigo Fraser Jenkins, head of quantitative strategy for Sanford C. Bernstein.

In the wake of the strong performance of value in September, Fraser Jenkins shared with the audience that he was barraged with questions: “Is this it? Is this the beginning of the value rally that we’ve been waiting for for years and years?” He quipped, “I find it very hard to agree with that sentiment.”

While he does not believe value is dead, the article reports, Fraser Jenkins argues that the strategy needs “higher inflation and a new definition that takes into account intangible assets,” adding that while the current environment might be satisfactory for long-term investors, few fit that bill.

In a recent note, the article reports, Fraser Jenkins invoked musician Ricky Nelson when he likened being a value fund manager to traveling to “lonesome town,” concluding, “at least he knows he’s not alone when talking about it.”