A. Value investment will outperform growth investment in longer period of time because value investment is based on the philosophy of building upon the discrepancy between the value and the price and investors will be trying to find out such share, whose value are lower than the price of the share and it will also mean that they will have a larger difference in value and price to capitalise Upon, Whereas when they are focusing onto investment into growth related firm. This growth related from will only be building upon futuristic projection into the share price and they are trying to discount the futuristic profits into the present price and it cannot sustain forever because at a point of economic downcycle these shares are going to underperform due to pessimism in the market and then those companies who are value based companies will be continuing to outperform because they have substance rather than sentiments. Sentiments based approach will fade away in longer perspective which is reflected in growth based investing where as value based investment will be based upon intrinsic value which will maximize the value in longer perspective .

B. Consequences of outperformance of value based investing will be impossible in Efficient market because Efficient market advocates that all the price related information which are publicly available and privately available have already been discounted into the stock price and there is no further scope of making additional rate of return through discrepancy between the price and the value so it will eliminate all the possible chances of making any additional rate of return and hence it can be said that the Efficient market are not advocating the philosophy of making additional rate of return through value investing.