Portfolio Managers' Summary
- Small-caps have risen 22.4% since deflation began in Dec
'08, a smaller gain than past deflationary periods. Deflation has
occurred only twice previously since 1948: (1) May 1949 to June 1950 (14
months), and (2) September 1954 to August 1955 (12 months), during which
small-caps gained 34.5% and 35% respecti...full article available after login
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