(Depending on) what part of the cycle that the market is in can be a determinant of when to position in momentum / growth stocks or value stocks. "Factor crashes" are anomalies that affect the performance and total return of stocks falling under momentum factor and value factor when: 1) a rising bull or trending market cycle is present which favor momentum stocks ( expensive ) = value underperforms (sometime drastically) and 2) in the initial period following a severe bear market bottom = value outperforms and momentum has it's worst performance.
(Depending on) what part of the cycle that the market is in can be a determinant of when to position in momentum / growth stocks or value stocks. "Factor crashes" are anomalies that affect the performance and total return of stocks falling under momentum factor and value factor when: 1) a rising bull or trending market cycle is present which favor momentum stocks ( expensive ) = value underperforms (sometime drastically) and 2) in the initial period following a severe bear market bottom = value outperforms and momentum has it's worst performance.
We do not have a down market to facilitate that strategy. I knew people who were selling puts on citibank thinking it was way down (in the 30s in around 2008) only to see it go down to a dollar a share. So, if you bought Citibank at a dollar good for you. If you bought stocks after major corrections, you may have done well. I do not have enough data to tell for sure. In any event, I do not think we are "way down". If anything we are getting close to getting way up.