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3 comments:
Roger,
I'm curious to hear your take on small caps. The Russell 2000 hit it's most recent bear market low back in early July and has been tracing out a series of increasingly higher lows ever since. Given that small caps have historically outperformed other styles during both economic troughs and early bull markets, do you believe the current behavior of small caps is meaningful or just a coincidence?
HI Rog,,
There are whispers this morning at the water cooler,,that the fed is facing more problems and may reach floodlike proportions in june,,although asked,,no one has been able to say just 'how much it is going to cost,, the number is growing by the month...Alt-A
Mac
Tomk a couple of things. I frame this differently than how you ask. I think of it in terms of average market cap for the portfolio; getting smaller early cycle and then getting progressively bigger as the bull wears on.
the turn up in small cap could signal a turn underway but one thing I cannot reconcile in that statement is that it seems like the decline of financial stocks have been of a greater magntidue in the large and mega caps than in the small caps (although a chart comparing RYF and XLF does not corroborate).
not a great argument but I am not yet betting money that it is meaningful.
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