FYI: The last time value shares were doing this badly compared with growth companies was in the dying throes of the dot-com bubble.
A total-return measure of value versus growth across developed markets just slumped to its lowest since 2000. That marks almost two decades since shares dubbed inexpensive traded at such depressed levels versus those with the best earnings growth.
A similar story for value versus low-volatility stocks is prompting JPMorgan Chase & Co. to declare a “once-in-a-decade opportunity” to bet on the unloved factor. The yawning gulf represents “the largest relative valuation bubble in modern equity market history,” bank strategists wrote in a recent note.
Regards,
Ted
https://www.bloomberg.com/news/articles/2019-07-23/value-stocks-haven-t-traded-this-low-in-nearly-half-a-century
