THE ELEPHANT SITS WHEREVER IT WANTS

The value over growth outperformance is set to accelerate from here

“Any idea why the stock market is down today?”

The year is 1992 and the voice on the other end of the line is my father’s. He’s the director of research for one of Canada’s few remaining independent securities dealers. It’s unusual for him to ask about day-to-day market movement, so his question catches me off guard.

“Uh… worries that the ‘Clinton rally’…