Valuation & cycles
Sector leadership rotates
The leading sector of one decade is rarely the leader of the next.
What it means for your portfolio
Chasing last year's winning sector is a common and costly mistake.
Does this apply to your holdings?
Get a free PortLens risk snapshot — your concentration, drawdown sensitivity and more, in plain English. No signup.
Run my free snapshotMore on Valuation & cycles
Starting valuation matters
Higher starting valuations have historically been associated with lower long-run returns.
The market is not the economy
Stock markets and GDP frequently diverge over multi-year stretches.
Rate regimes reshape leadership
Falling rates have historically flattered long-duration and growth assets; rising rates have pressured them.
General information only, not financial advice. Historical figures are approximate and provided for education.