Small cap value funds tend to hold up better when the market is down.

'Value' almost by definition has a ceiling on it.

There's a lot of concern about the economy growing slowly, and investors are really looking for the place where they can get stable, predictable earnings growth. And the kinds of stocks that tend to give you that are large cap consumer names and the big drug companies.

You can tell that the small-cap sector is still cheap relative to large caps. Some of it is because they haven't done as well this year, but also when you look at how they're priced relative to the earnings growth people expect them to produce, they're still very attractive.

To the extent that investors focus on a company's book value or balance sheets for their analysis, it will have some impact.

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