论成长股与价值股的均值回归 Growth stocks may be back in vogue relative to value after price action had favored the latter since September.
The chart below -- showing the relationship between the S&P 500 Growth Index and the S&P 500 Value Index -- indicates that, since June 2020, a 1.95 ratio has been a pivot point. It’s unclear why, but we’re reaching that level once again. And it’s coming at a crucial time: earnings season, a true litmus test, is right around the corner.
The chart below -- showing the relationship between the S&P 500 Growth Index and the S&P 500 Value Index -- indicates that, since June 2020, a 1.95 ratio has been a pivot point. It’s unclear why, but we’re reaching that level once again. And it’s coming at a crucial time: earnings season, a true litmus test, is right around the corner.