Value Stocks Set To Outperform Tech Into The End Of Year? | Lance Roberts

Lance Roberts argues a year-end rally is more likely than not, led by beaten-down value and small-cap stocks rather than mega-cap tech.

Roberts says bond yields near 5% now cover over half of many investors' required returns, making bonds worth owning for income, stability, and principal protection.

He contends debts and deficits are disinflationary, so they pressure interest rates lower over time rather than driving yields permanently higher.

On municipal bonds (state and local government debt), Roberts judges value by tax-equivalent yield — what a taxable bond must pay to match it.

Both speakers see rising yields as constructive: savers finally earn real returns, and higher capital costs weed out unproductive investment.