A CFA Institute article poses the question: does the long run of growth stock outperformance suggest that value stocks must be due for an uptick?

Although growth stocks have outperformed value since the end of the financial crisis, the article notes, the data could be misleading because of the “selective and short-term nature of the time frame.” If you look back to the bursting of the tech bubble in 2000, it argues, a different scenario emerges:

It notes, however, that even though the data is interesting, it doesn’t “offer much insight into the likely future returns of value and growth stocks,” suggesting that a better approach is to look at valuations. Specifically, it says, “how unusual early 2009 was in terms of relative valuation. Growth stocks were selling at valuations that were roughly comparable to those of value stocks.”

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