A noteworthy rotation from growth to value that began late last year continued in the first quarter of 2021. Some of last year's biggest winners underperformed during the quarter, while investors gravitated toward some of last year's laggards.
There is no perfect statistic or number for selecting a specific strategy; however, we believe some measures can be useful.
You certainly did not need 20/20 vision to see that 2020 was not an ordinary year. From a global pandemic, civil unrest to an election like no other, news headlines took many twists and turns throughout the year.
Running a marathon is similar to being a Value investor, especially in recent years where it seems more like an ultra-marathon. Both activities are painful experiences that require the ability to suffer and persist through physically and emotionally straining times.