As I scan the ETF world each day to look for good value, there are not many places to find it. So, despite my long-term view that energy prices are at best range bound, dividends are now attractive again on a risk-adjusted basis, compared to the beginning of the year.

As a value investor, I scale into positions when there is good relative value compared to other places. In the long run, the value approach pays dividends for the sleep-at-night factor. Momentum or growth investors may have periods of spectacular returns, but they tend to have way more anxiety when times get tough.

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