Sometimes people refer to “the stock market” as a single thing. “Stocks” are often characterized as being high or low, for example. However, it is not at all unusual for one group of stocks to become expensive while another group becomes cheap. For example, in 1999 the growth-stock-laden S&P 500 returned 21.04%, while the Russell 1000 Value Index returned only 7.35%. That’s quite a difference, somewhat reminiscent of 2017. However, one year later (in 2000), the S&P 500 fell 9.10%, while the Russell 1000 Value Index gained 7.01%. That’s another large difference, though in the opposite direction. … The irregular cycles of popularity for growth vs. value investments have been with us for decades, and this is just one example of different markets for different types of stocks within the overall stock market.