From the Fleet Street Letter (GBR) – I don’t mean to labor the point on the value gap. But I believe it to be extremely important. Having shown you the relationship between value and growth stocks on a global basis, I wanted to cross reference that with the USA, Europe and the emerging markets to see if it holds on a regional basis. It does. It begs the question whether this turning point “inside the market” is a turning point for the market itself. You’ll also see whether value tends to do better than growth when inflation is flat or rising.