Thread by @JeffWeniger

Unbelievable update on THE chart.

High P/E stocks beat Low P/E more in the last 10 years than they did in the 10 years to the Dot.Com peak.

Never thought I'd see such a thing.

Form an opinion on:
---
Financials + Healthcare
vs.
Consumer Discretionary + Tech
---
And you'll have your Growth vs. Value decision.

Here's another. The Price-to-Sales ratio gap between Growth stocks and Value stocks is now equal to October 1999. That all turned on a dime on March 24, 2000.

Million dollar question for U.S. stocks:
--
Was January 31, 2020 this year's August 27, 2019?

The inside of the stock market is splitting.
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See that red bar? Large Cap Growth stocks trounced Small Cap Value in Jan harder than any month in 11 years.
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Like the turn of the century, something bold lurks, and I think that bold thing is Value hitting Growth with a vengeance.

People asking about Tech stocks.
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They make up 24.6% of the market, whoa Nov. 1999.
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And ALSO...
In 2018, S&P reclassified Social Media and Search as no longer Tech. Now they're "Communications."
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If they were still "Tech," sit down...February 2000.

Zero Dividend Yield stocks beat the market by 5 points a year for the last decade.
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But the studies by Prof. Siegel & my colleague @JeremyDSchwartz, 1957-2019, show this is anomalous.
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Only one other time: the 1990s Tech bubble, which gave way, hard, to Value stocks, 2000-2007.

NASDAQ vs. Oil & Gas performance gap in the 1990s
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Roughly Equal to:
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NASDAQ vs. Oil & Gas performance gap in the 2010s

Many of the New Paradigm Twitterati™ pushing back with "Growth stocks so strong because Silicon Valley = monopolies."

Okay, then tell me about all those Tech monopolies in Mid Caps.

Sure, many differences between Dot.com bubble and this stock market.
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But...👇👇👇