Charting My Interruption (CMI): “Value is outperforming, but not really.”

It is widely agreed that value stocks have been outperforming growth stocks since the bear market started in January 2022 (Figure 1). The reasons cited for this trend in favor of value are many and varied, not the least of which of course is the spike in interest rates. Ratchet up the discount rate, and valuations come down, especially when the starting point for valuations is at or near record levels.

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