Earnings lagging
Earnings sustaining
Leaders reach the top, the valuation premium drags, and earnings growth vs the premium decides cap-weighted vs equal-weighted
Leaders reach the top
high valuation, dominant
Earnings growth
sustain force
Valuation premium
persistent drag
Historical record
leaders trailed after ranking
Growth ahead of
the premium?
Reversion delayed
index keeps pace
Cap-weighted
underperforms
equal-weighted
reversal renews the drag