As you can see from this figure, Value outperformed Growth from mid‐2004 through early 2007. There was a reversal of this trend beginning in mid‐May 2007, which accelerated aggressively in late July 2007 and was a likely cause of the poor performance among quants that contributed to their liquidation. The trend favoring growth over value from May 2007 to January 2008 is easily seen to be sharper than that which favored value before May 2007. Many quant strategies had adapted to this new regime by the middle of the fall of 2007, leading to strong performance in the later part of that year. But two other periods catch the eye: one in January 2008