GSV vs. ULG: Why Timing is Everything
For completeness, it’s worth a look at the relative performance line for Global/Small/Value vs US/Large/Growth: basically GSV has been in a decade+ relative bear market vs ULG.
Aside from showing the price path of how we got here, it also is in a sense where the rubber hits the road on the relative value trinity theme — with major valuation extremes it’s important to not get too fixated on only one piece of information.
Even as the relative value indicators reach new extremes, if you’re out there hunting for turning points that’s only one piece in the puzzle. You also need to see technicals lining up… price needs to stop falling and actually turn. So I would say in terms of the timing aspect that this chart (and a few other charts I’m keeping close tabs on) is just as important to keep tabs on as the valuation charts.
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