I found this article an interesting read. Thank you. I am saving the quote: "When you look at the sectors that have been outperforming recently, it is clear that the shares that benefit from long-term structural growth stories have done much better than so-called cyclical stocks that benefit from an increase in economic activity." Over the last 5 years I have read consistently about fund managers and their ilk bemoaning the fact that growth stocks keep rising and cyclicals or value shares aren't doing what they are supposed to be doing which is turn around and start showing their "true value". The quote I saved I think explains it rather nicely. In Australia there hasn't been an increase in economic activity. We are basically going sideways or perhaps even slowly nudging downwards. Certainly in Perth there has be no signs of an increase in economic activity - quite the reverse. A quick visit to the CBD and all the vacant shops would show that. Stagnant wage growth and underemployment are the norm. People know when things aren't doing well. And right now that is the Australian economy and that is why value shares, in the main, are remaining at depressed values and not seeing share price growth.