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 Rasmussen

Evidence 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]

Source

The Bubble No One Can Sell | Dan Rasmussen on the Private Equity TrapExcess Returns
Created: 8/11/2026, 8:01:35 AM

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