In this morning’s note I suggested that a “regime” change may be in the offing. It’s always interesting to track style relationships over a few market cycles.
Here’s a look at the late-90s. The white line represents the S&P 500 Growth Index, the blue the S&P 500 Value Index:
Here’s from the late-90s (tech boom) peak to the residential real estate boom peak:
Here’s from the real estate boom peak to current:
Hmm…..