What's up, guys? On this episode of Full Signal, I sit down with J.C. Peretz. He is the founder of

Trend Lab. We go through a bunch of charts. He breaks down what small caps are doing, what tech is doing,

emerging markets. This is a fantastic episode on how to organize your portfolio, how to think about

markets for the year ahead. I think you're going to love it. JC, let's get right into charts.

That's what you do.

That's what everyone's here for.

This first chart, small cap value and small cap growth.

Can you walk us through what you're looking at?

Yeah.

Listen, you know, there's a rotation that happens underneath the surface.

And for a long time, a long time, multiple decades, growth stocks were a

massive outperformer for a long time overvalue stocks. And that's in small caps, that's in large

caps, the growth, the high growth names have been the leader for a long time. And some people

think that it's always going to be that way. And that's not necessarily the case. There are times when value outperforms and we've seen that. And what's interesting is

that a funny thing happened during COVID. During COVID, you saw a bounce back in value relative

to growth, right? But what ended up happening is that growth continued to outperform value at the large

cap level over the last five years.

But at the small cap level, that changed after COVID.

And we have seen a series of higher lows in value relative to growth in small caps

already over the last half decade. And now you're seeing

that at the large cap level where large caps continue to decline relative to value. So we're hitting

new six, nine month lows in growth stocks relative to value. You've seen a big role over there

...