When bond yields decline, growth stocks outperform value stocks, and vice versa. With declining bond yields for most of the last 35 years, it is easy to understand why many investors are infatuated with growth stocks. An entire generation of investors have never seen value stocks outperform growth stocks for any extended period of time, and those who have hardly remember anymore, because it is more than 35 years ago. Now, assuming we stand in front of a multi-year rise in interest rates, even if it is of modest proportions (as I think it will be), all that could be about to change. Moreover,
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