Although a lot of people seem to believe that value investing is superior than TA, I can't help but think that value investing also shares the same weakness as TA. Namely, both assume that past performance is indicative of future performance. An example for TA will be: if closing price crosses a certain moving average, the price will have a tendency to rise. A similar problem with value investing, is that, if the fundamental is good for the last few years, and the stock is not expensive, then stock price has a tendency to rise. The problem I see is, the company may not carry on having the same awesome performance in the future. Also, the stock price may just stuck on the same level for a long time. What do you make of this? By the way, I wonder if anyone comes across any research papers that focus on debunking Buffett or value investing.