When the Fed surreptitiously began to tighten as we believe (via tapering), in January 2014, history suggested that Consumer Discretionary and Small Caps would be the most likely initial market victims (at least from a relative perspective).
Jan
08
2016
Small Cap P/E Ratios: Not Yet Low Enough
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![Doug Ramsey / Chief Investment Officer & Portfolio Manager](https://leuthold.imgix.net/leutholdgroup.com/site_files/authors/DSC_3768_LR_Doug.jpg?h=150&w=150&fit=crop&fp-y=.15)