该买价值股还是成长股？看通胀。What is really interesting is that there seems to be a decent correlation between this metric (the growth versus value stock count) and the level of PCE inflation. Is it the case that higher prices drive revenue growth, the reverse, or are both being driven some other factor like the velocity of money/credit? Either way, it sure looks like we have exited the market regime that’s been in place for the past dozen years.