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Small-hats, and this routinely have a lot more personal debt than simply its larger opposition, was hit tough because of the rising borrowing from the bank can cost you for the past long time, however, you to definitely’s going to a conclusion, centered on Lee. “On the a price-to-book basis, small-caps are change during the where these were inside 1999, prior to the brand new S&P. And this is actually the beginning of a great a dozen-season outperformance period,” Lee advised CNBC.