Value investing is dead, according to a Goldman Sachs report published earlier this month. Over the past decade, the strategy of buying stocks with the lowest valuations and selling stocks with the highest valuations has produced abysmal results, losing 15%, compared to a 60% gain for the S&P 500. Growth stocks trading for dozens or even hundreds of times earnings, the kind of stocks that make most value investors cringe, have been the place to be.This analysis misses one key point: Value investing is not a hard-and-fast system of buying stocks with low valuations.