The Dangers of Extrapolation

At the end of October, the year-to-date total return of the S&P 500® was barely positive (2.77%), but was well ahead of the returns of the S&P MidCap 400® (-6.63%) and the S&P SmallCap 600® (-13.06%). In November, the 500TM performed very well (10.95%), but the 400TM (14.28%) and the 600TM (18.17%) did much 

At the end of October, the cap-weighted S&P 500 had outperformed the average stock in the index (the S&P 500 Equal Weight) by 8.10%. In November, the equal-weight index outperformed by 3.35%.

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