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we would expect it to continue wouldn't we?
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Maybe this quote from a recent UBS
report does a better job of articulating my point:
"...small capitalization stocks have outperformed large capitalization stocks for the past six years....such streaks are not unprecedented, but there has been only one other instance in which small caps outperformed large caps for a longer period—a 10-year span that lasted from 1974 to 1983. Over the long term, small-cap stocks, on average, have outperformed large-cap stocks by about 5% per year...By the end of the 1990s, it was much easier to make the case that small-cap stocks were a good value relative to large-cap stocks....Now, after six years of relative outperformance, small caps can no longer be considered "cheap" on a valuation basis. Valuations of small-cap stocks, which were far below their long-term averages at the height of the tech/media/telecom mania, have now reached or slightly exceeded their average valuations relative to large caps."