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After underperforming value stocks for most of the last five years, it appeared as though the pendulum was finally shifting in favor of growth stocks during the second half of 2007. However, as the chart below illustrates, the party for growth stocks didn't last long.

Almost in unison with the change of the calendar, the rally in growth stocks has come to a grinding halt this year as value stocks have taken back the reins of outperformance:

Source: Value Stocks Reassert Leadership