The academic value factor (long cheap stocks short expensive stocks) earns higher returns among small-cap stocks. However when viewed through the lens of a long-only value investor size is a less important factor. For example equal-weight large-cap value portfolios historically earned similar returns as small-cap value portfolios. This finding is robust to different value measures and markets. Despite realized returns being statistically similar the liquidity profile of the two value portfolios is dramatically different: Equal-weight large-cap value portfolios have approximately eleven times (or more) the liquidity of small-cap value portfolios.