Forward-looking EPS consensus for major U.S. banks is up 6.2% for Q3, aligning with value investing courses' preference for financially sound firms at reasonable price multiples. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. When the price of an asset is “fair” (however that’s assessed), it’s reasonable for an investor to expect to earn a return that is likewise fair for the risk borne, relative to the risk-adjusted returns on other assets. But so-called “active investors” go to the trouble of studying companies and markets, buying some assets but not others, and overweighting some and underweighting others – and clients employ active investment managers and pay them fees – in the hope of earning returns that are more than fair for the risk borne and thus better than the risk-adjusted returns enjoyed by other investors. (According to investment theory, investors can dependably earn a fair or average return by investing passively and thereby avoid paying active management fees. But active investors want more.) What conditions might give rise to the superior risk-adjusted returns active investors crave? Share repurchase programs in undervalued tech mid-caps grew 8%, fitting value investing courses’ case studies on signals of internal confidence in true value.