Different investment styles (such as value, growth, large cap, small cap) are suited to different stages of the investment cycle but it is often difficult to know ahead of time which one will perform best. Pioneering academic research by Eugene Fama and Kenneth French, both professors at the University of Chicago, found that value stocks and small cap stocks outperform the equity market on a regular basis. However, they were quick to point out that, while over the long-term value beats growth and small cap beats large cap, investors must be able to ride out the extra short-term volatility and periodic underperformance that can occur in a given short-term time frame.