This is only the third time in the past 35 years that the gap in valuations between large and small stocks has reached a level this extreme.
By focusing on dubious growth projections instead of compelling valuations, investors are setting the stage for potential pain.
Strong performance during the period was welcomed, but we remain frustrated by the persistence of what we see as a bear market in logic.
After a humbling 2018 for price-sensitive investors, will we remember the 4th quarter as marking the rebirth of value?
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