joining me is savita subramanian. the hare -- no, no, no, the tortoise is handily winning here. utilities as mike santoli pointed out in the weekend column are trouncing the chips and other sectors of the market. >> indeed. yep, yep, and i owe this to my former boss rich bernstein, but he published this chart back in the '80s and the '90s and the 2000s that shows that the total return of the s&p utilities index is almost always neck and neck with the total return of the nasdaq and you don't think of utilities as being this great kind of source of alpha, but the truth is just that reinvestment of dividends is a powerful way to make money, and i think that's going to become much more important in the years to come. so it's interesting because if you look at the market returns over the last 10 to 15 years it's been all about multiple expansion which i would call the hare. it's kind of the fast growth stories, but you've got these -- these compounders that are just plotting along and they tend to keep up and i think we're at a point where the tortoise can overtake the hare in this d

let's bring in savita subramanian. savita, it's great to have you.ad false starts before, i guess, on the value over growth trade, but what are the ingredients as you see them now for why this could last? >> yeah, i think we're in an environment -- i mean, look, let's take stock of what just happened this week. we've got the two biggest economies in the world in stimulative mode. i don't think we should ignore that. we've got an environment where the fed is cutting interest rates as the profit cycle is accelerating. this is unusual. as you know, the fed is usually cutting into a slowing economy, a slowing profits environment. this time, it's different. so, i think those are the factors that we need to pay attention to. the market action this week, i think, is indicative of the idea that you don't want to avoid cyclicals in this type of environment. i also think the idea of the fed cutting interest rates, it's not only liquidity-inducing, but it's also cutting money market yields for, you know, this massive wash of money that moved into short duration

let's bring in savita subramanian, some good stuff in your notes.uch -- is it already -- >> it already has gone up a lot. >> it has. >> and then it has come down a lot. but i think the idea is that you see a lot of volatility from july to november of election years. and we're, you know, this year is true to form. we have seen the vix hit, you know, kind of a post covid high back in july and, you know, we're back down. but i think the name of the game is don't be a hero. >> don't be a hero. >> don't be a hero. ♪ don't be a ♪ long ago. >> break out into song and dance. >> i saw that in your notes, don't be a hero, stick with income stocks, quality stocks. >> income and quality. i think we are at a point where the large cap value benchmark looks amazing. i think utilities, real estate, companies that offer inflation protected yields, income for folks that are parked in money market accounts that are about to see a little bit of a drop in their cash returns. so i think that's the idea here is just to park in safe total return type vehicles where you get