June 01, 1999

The financial markets have been on a wild ride this quarter. The high-flying Internet stocks have declined about 10% from their recent highs. The once-unstoppable large-cap stocks are now underperforming their smaller-cap counterparts and the recently dominant growth stocks are now lagging value stocks. The market, it appears, has rotated to smaller-cap and value stocks (Table 1), with only a slight differential between mid- and small-cap performance. Large-cap stocks are significantly under-performing. And the data show a strong value bent across the size scale.

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