Value Versus Growth

This chart comes courtesy of Crossing Wall St. It shows how growth and value have done since March 2003, in which Eddy concludes that the rally may continue.
"Value stocks have led growth stocks during this rally. Looking at the relative performance of growth versus value is a basic sentiment indicator. Growth tends to cream value during market tops, and vice versa during market bottoms."

As I have noted before, the bias towards value, over a long period of time has outperformed growth:
Small Cap Value returns from 1927-2004: 14.7%
Micro Cap returns from 1927-2004: 13.0%
Large Cap Value returns from 1927-2004 : 11.7%
Large Cap Growth returns from 1927-2004: 9.5%