COVID-19 UPDATE: Growth underperformance to Value is sharpest and fastest since 2006. COVID-19 daily cases nearing 200,000

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STRATEGY: Growth underperformance since September is the largest since 2006Equities managed a positive close on Wednesday's trading, a good sign, particularly considering equity futures were down nearly 1% overnight.  I will always view a -1% overnight to a positive close as a win.  Talks of potential progress on a US stimulus package were helpful, but this also a reminder that we are in a favorable seasonal period and strong markets finish strong = December rally.We think one of the most important questions in 2021 is whether sufficient structural factors/changes have taken place in 2020 to justify a period where Epicenter (aka Cyclical stocks aka Value) can durably outperform Growth.  Take a look at the relative performance of Growth (Russell 1000) and Value since 2006.  The red line, Growth, has been pretty much straight up, except for a brief wobble in 2008 (July to Nov).  - But in the past 3 months, we have seen a 900bp underperformance (vs R1K index).- This is BOTH the fastest underperformance and the largest underperformance in 14 yearsAnd this bears quite a lot of importance in 2021. - Is this 900bp underperformance merely a minor counter-fractal in a larger horizon...

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