1999-2014: in a new era of turbulence (tech wreck, 9/11, Afghanistan and Iraq wars, subprime bubble, economic meltdown and quantitative easing, small caps swiftly outperformed large caps once again, with the Russell 2000 drubbing the S&P 500 by 114%.1994-1999: during the strongest phase of the 1990s expansion, the S&P 500 large caps again outperformed the Russell 2000 small caps just as they had during the 1980s boom. This time the S&P 500 outperformed the Russell 2000 by 93% over five years.1990-1994: during the 1990-91 recession and its immediate aftermath, small caps again outperformed the S&P 500 by nearly 50%.During this period of increased economic certainty, the S&P 500 outperformed the Russell 2000 by 91%, more than recovering its 1979-83 period of underperformance. 1983-1990: during the long economic expansion in the 1980s, large caps rebounded, leaving small caps in the dust.1979-1983: the Russell 2000 outperformed the S&P 500 by 80% during a period of extreme economic turbulence in the stock market, with double-digit inflation, double-digit interest rates and back-to-back recessions in January-June 1980 and August 1981-December 1982. At the time, investors judged that smaller companies navigated the environment more nimbly than larger ones.
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