"Value managers are encouraged that prior periods of growth outperformance, including the Nifty Fifty market of 1966-73 and the technology bubble of 1998-99, were followed by strong periods for value investing, including seven straight years of value outperformance from 2000 through 2006..."
"Finally, we're beating the market. We're only down -30% versus -50%"
The large cap growth/value ratio 2000-2006 with S&P:
(Data for red line only goes back to mid-2000)
"Unfortunately there was no such thing as 'value', so it all collapsed like a cheap tent..."
P/E ratio for Consumer staples