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Why the plunge in momentum stocks is actually good news for investors

I know I’m cheating a bit here. In building a U.S. technology “Growth at any Price” (GAP) Index and measuring its performance relative to the S&P 500, I’m picking stocks where I know what performance until now will look like.

That said, there is a ton to be gleaned from this chart and some important inferences as to equity market leadership going forward.