Factor Friday

December 12, 2025 Growth vs. Value: The Setup Is Shifting From “Duration Dominance” to a More Cyclical, Cash-Flow–Disciplined Market The current equity backdrop is best described as a regime transition rather than a clean “risk-on” or “risk-off” phase. Earnings are still trending in the right direction, the Fed is cutting—but doing so with visible internal

December 5, 2025 Growth vs. Value: A Historical Playbook for a Market at a Crossroads Few debates in equity investing are as persistent—or as cyclical—as the tug-of-war between Growth and Value. Across decades, the performance leadership between the two styles has shifted with changes in interest rates, productivity cycles, corporate profitability trends, and investor appetite

October 24, 2025 The AI investment trend remains the dominant motif in the longer-term bull market that started in 2023.  How long it lasts and whether it brings the promised efficiency and prosperity that bullish speculation implies is one of the key questions for every investor with longer-term time horizons. AI has been a difficult

With ZION, WAL and FHN in the news for the wrong reasons today, we should revisit the relationship between banking stress and the AI trade which has grown to the point that it influences the primary trend for equity prices when it comes under pressure.  Financial stress in the U.S. banking system tends to ripple

September 26, 2025 We’re going to keep it brief this week.  Moderating economic data, investor enthusiasm for AI and AI infrastructure plays and a supportive Federal Reserve have kept tailwinds behind Growth stocks. Large/Mega Growth vs. Value The Value trade is likely to continue to struggle while interest rates are trending lower.  Since the last