712 The multi-year outperformance of growth over value stocks is well documented and has been amplified by the Covid-19 pandemic. In fact, cheap (value) stocks have underperformed by the biggest margin seen in over a century. Hence, it should not come as a surprise to find that the investing public has given up on value stocks and value funds. The effect of this capitulation out of cheap and unloved stocks has been profound. It has given rise to some of the widest discrepancies in relative valuations and some of the highest levels of crowding in growth (particularly technology) stocks on record.