It is one of the most spectacular market cycles in history. Not only has the S&P 500 tripled in price from the cycle low in March 2009, it has also soared 37% past its pre-crisis levels in 2007, to new record highs. That headline story, however, masks a style bifurcation that has endured throughout the 8-year down-up ride: Growth stocks within the index have almost consistently outperformed their Value counterparts, and by a wide, wide margin. The performance chart of Growth versus Value tells it all. However, unfolding macro environment suggests that a turning point may be at hand . . .

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