Small-cap value in the US worked well from COVID through the release of ChatGPT (approximately 2020-2022), but has not worked since, and appears to only work during early-stage cyclical recoveries when cyclical stocks outperform, suggesting it has become a tactical cyclical play rather than a persistent value premium.
factualpending
Speaker
Dan RasmussenEvidence Quote
“value in the US um worked um from COVID until the release of batch GPT and other than that has not worked [43:35]”
Created: 8/11/2026, 8:01:35 AM
My Notes
Loading notes...