Right, but that's not what's happening. Value spreads, the difference in price between the most expensive stocks and the cheapest stocks, are at all-time highs.

Right, but that's not what's happening. Value spreads, the difference in price between the most expensive stocks and the cheapest stocks, are at all-time highs. So the opposite is true: very few people are value investors these days. Possibly in part because value has under-performed over the last 10-15 years. Will the trend reverse? Who knows.