Once again, value stocks are underperforming. For most of the bull market that ended in March, growth names were in favor. In the recovery from mid-March lows, once again high-valuation, high-growth stocks have led the way.At some point, presumably, that will change. Growth names no doubt have benefited from lower interest rates, which have brought capital into the equity markets and, at least in theory, increase the value of out-year profits. But there is a point where valuations, even for...

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