In this edition, Lori gives her take on the Growth vs. Value debate that has become a key underpinning of positioning within the US equity market. She reiterates her preference for Value over Growth in 2021 due to: a better cash deployment profile in Value, stronger earnings momentum in Value, a greater positioning problem in Growth, extended Growth valuations relative to Value, Value’s status in the market as a reflation trade, and surging ETF flows for Value. Lori acknowledges that these are all intermediate term reasons to prefer Value. Ultimately, she believes the ability of Value to continue leading longer term depends on whether the economy can sustain above-trend GDP growth in 2022 and beyond.