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Large Cap

Nov 05 2022

Thoughts On The Secular Outlook

  • Nov 5, 2022

Some have speculated that 2022 might have been the kick-off for a decade-long era in which the broad stock market indexes will make essentially no progress, like 1966-1982. However, that earlier experience provided opportunities within other market segments, which will also stand a much better chance in coming years. 

Sep 05 2020

Musings On A Manic Market

  • Sep 5, 2020

Officially, those quick to pronounce the move off March lows as a new bull market have been proven correct with new S&P 500 all-time highs. Fundamentally, though, there’s enormous risk in Large Cap valuations, regardless of where one believes we are in the economic cycle.

Jul 05 2019

Big Is Still Beautiful

  • Jul 5, 2019

The 10-year-old bull grabs most of the headlines, but its younger sibling has begun to command more respect.

Nov 07 2018

If Not Large Cap Growth, Then What?

  • Nov 7, 2018

With the valuation of several high-profile Large Growth names well over 100 times earnings, we consid-er alternatives by examining the relative valuations between LG and other equity categories.

Jul 13 2018

The Kindness of Strangers

  • Jul 13, 2018

We have recently been struck by the tremendous valuations being awarded to companies that have never turned a profit. Tesla, Spotify, Workday, and Square all sport market caps above $25 billion based not on their recent earning power (which is zip), but on the hopes that they will one day move well into the black.

Jan 12 2017

Active Vs. Passive Return Drivers

  • Jan 12, 2017

Our July special report “Active vs. Passive: A Three-Club Headwind” studied the recent dominance of passive indexes over actively managed funds.

Mar 07 2016

Small Cap vs Mid Cap vs Large Cap

  • Mar 7, 2016

The Ratio of Ratios bounced off last month’s multi-year low (4% Small Cap discount) but still sits firmly below its Small Cap median, which is a premium of 4%.

Sep 09 2015

Small / Mid / Large Cap

  • Sep 9, 2015

The August market action deflated P/E ratios across all market cap tiers, but our ratio of ratios was little changed.

Jun 04 2015

Small Cap/Mid Cap/Large Cap

  • Jun 4, 2015

Nudged higher by Small Cap outperformance in May, our premium is little changed month-over-month and remains in its new 5-10% habitat.

Mar 06 2015

Small Cap/Mid Cap/Large Cap

  • Mar 6, 2015

Small Cap Premium Plunges To 5%

Jan 08 2015

Small Cap vs Large Cap

  • Jan 8, 2015

Small Cap Premium A Tick Higher To 16%

Dec 04 2014

Small/Mid/Large Cap

  • Dec 4, 2014

Small Cap Premium Sinks To 15%

Nov 06 2014

Small Cap vs Mid Cap vs Large Cap

  • Nov 6, 2014

Small Cap Premium Spikes Back To 20%

Oct 06 2014

Small/Mid/Large Cap - Small Caps Experience Worst Monthly Return Since May 2012

  • Oct 6, 2014

In September, the Russell 2000 index lost 6% and is down 4.4% YTD. Large Caps widened their YTD performance lead (S&P 500 +8.3%). Small Cap Premium slides to 15%.

Sep 08 2014

Small Cap/Mid Cap/Large Cap

  • Sep 8, 2014

Small Caps are selling at a 19% valuation premium relative to Large Caps.

Aug 07 2014

Small/Mid/Large Cap

  • Aug 7, 2014

Small Cap Premium Slumps To 17%

Apr 08 2014

A Milestone You Might Have Missed

  • Apr 8, 2014

The fifth anniversary of the bull market was met with fanfare, but the launch of the Large Cap leadership cycle in April 2011 is receiving no attention whatsoever.

Jan 08 2014

Stock Market Leadership In 2014: Large Caps, Tech, Health Care

  • Jan 8, 2014

Following a great year for trend-following, capitalizing on key reversals in sector performance will be important in winning the 2014 performance derby.

Jan 05 2011

Large Cap Vs. Small Cap: Performance Parity 1979 To Date

  • Jan 5, 2011

If we look only at the past eleven years, 2000-2010, the S&P 500 has decisively underperformed the Russell 2000.

Mar 05 2008

Can Growth Stocks Outperform Value In A Bear Market? You ‘BETA’ Believe It!

  • Mar 5, 2008

Conventional wisdom and modern day historical evidence indicate that Value stocks do better in bear markets. But from the 1920s through the 1970s, it was Growth that held up best during bear market declines.

Mar 05 2006

Cyclical Stock Dominance — How Long Can It Persist?

  • Mar 5, 2006

An in-depth examination of performance relative to Growth stocks; what has been typical in terms of leadership duration; and how the economy and inflation may affect the current trend.

Sep 05 2004

Large Cap Growth Versus Large Cap Value

  • Sep 5, 2004

Large Cap Growth stocks are relatively cheap compared to Large Cap Value stocks. The next major trend should be in Large Cap Growth.

Jun 04 2000

View From The North Country

  • Jun 4, 2000

Many consultants and their clients have tightened the style boxes and narrowed the definitions to such a degree that it hamstrings the manager….and it’s detrimental to the client’s long term results.

Jan 04 1999

Big Cap Versus Small Cap: S&P 500 Versus Russell 2000

  • Jan 4, 1999

The following table compares the performance of the Russell 2000 Index (since its inception in 1979) with the S&P S00. Over this entire period, the Russell has outperformed the S&P in ten of the twenty years (S0% of the time), producing a slightly lower annual compound rate, 12.4%, versus 13.6% for the S&P 500.

Aug 01 1987

Tracking the Big Cap and Secondary Stock Relationship...Some New Analytical Tools

  • Aug 1, 1987

Historically, small cap stocks have outperformed big cap stocks in about two out of three years. But this has not been the case since mid-1983. What is going on? Has the investment world changed? Will small stocks ever again lead the parade?