A line graph, labeled 1980 to 2020, shows the historical relationship between value stocks’ aggregate price/book ratio and growth stocks’ aggregate price/book ratio. The relationship has been volatile, but in general, value stocks, by that measure, started the period valued at about 30 percent of the level of growth stocks and their relative valuation has fallen to about 10 percent of the level of growth stocks. The graph also shows a fair-value range for the relative value of value stocks. Finally, it highlights five U.S. recessions. In each case, the valuation of value stocks relative to growth stocks plunged.