Critics have been writing the obituary of value investing for more than 40 years. The strategy keeps refusing to die, and a recent episode of The Investing for Beginners Podcast explains why the skepticism itself may be part of the edge.

In the segment “What ‘Invest With a Margin of Safety’ Really Means,” co-host Andrew Sather points to a long-standing Warren Buffett observation that value investing “either instantly catches with you or it doesn’t.” Sather paraphrases Buffett’s commentary in The Intelligent Investor, where Buffett noted that “even though there’s been these great track records and it’s all public and you can see it, people still just don’t want to think it will continue to work or just works at…