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Dana Lyons - Growth vs. Value: Navigating Equity Shifts and Commodity Trends

The KE Report Jul 23, 2026

Summary

Dana Lyons argues flat US averages hide a healthy rotation as financials, healthcare and value sectors fill the leadership void left by mega-cap tech.

Lyons expects gold's two-year rally to need a long digestion, eyeing the GLD ETF near 353 and SLV near 48 for a possible intermediate low.

Copper never went blow-off, Lyons notes, so it has less excess to unwind; he stays long and sees it as a bullish tell for metals.

Bonds offer no haven while the 30-year yield tests multi-decade highs; Lyons gives the benefit of the doubt to a stronger US dollar near term.

Lyons is selling energy strength after a stronger-than-expected bounce, but stays constructive long term and plans to buy pullbacks in the sector.

Dana Lyons's takeaways

  • Top takeaway Argues a longer-term, possibly secular, rotation from growth into value is underway after roughly 20 years of growth leadership, and calls value the safer play versus growth over the next 10 years.
  • Says rotation into financials, healthcare, real estate and industrials has kept his breadth-based models positive even as mega-cap tech rolls over, but warns breadth momentum is fading, so the seasonally soft August-to-October window could still produce a correction.
  • Remains short gold miners and short silver while hedged in gold, looking to cover around GLD 353 and SLV 48, and expects the metals complex to need months or even years of digestion rather than an immediate return to new highs.
  • Is very constructive on energy stocks long term after a 'dead decade,' but in sell-the-rip mode near term — reducing exposure into the bounce and waiting for pullbacks to add, taking encouragement from the XOI index reclaiming new highs above its March-April levels.
  • Sees the long-term bond yield cycle rising for possibly a couple of decades and the US dollar in an intermediate-term uptrend, so he views the defensive shift as happening within equities rather than as a flight into bonds or other safe havens.