In the Thai market, and for the period of time analyzed, value stocks seem to outperform growth stocks. There are discrepancies between the results using existing indexes, such as the MSCI Thailand Value index, and building portfolios according to some criteria, such as low P/E. This might be related to the fact that classifying companies into the value or growth buckets might require more analysis than just using a single criteria such as low P/E. The results obtained using the indexes, of outperformance of value stocks, is similar to the ones obtained in other markets. It is interesting that this result is obtained when analyzing the entire period (17 years) together but not when analyzing every year individually. When calendar years are analyzed individually, the results are much more mixed with growth stocks outperforming in some of those years. It might be that one year is too short of a time frame in the Thai market for value stock to be able to outperform growth stocks. It is possible that the outperformance of value stocks over growth stocks is related to some risks that the models do not fully reflect and this could be an interesting area of further research.