That’s in stark contrast to the roughly $140 billion in losses from short sales of mid-, mega- and #largecap stocks, which rallied for much of the year as the economy defied gloomy forecasts.

Believe it or not: #smallcap and midcap stocks have outperformed #largecap companies over the last 25y, chart @JPMorganAM

#valuations for both #smallcap and #midcap companies have corrected to levels we usually see during #recessions (while #largecap valuations are still in line with their long-term averages), chart @JPMorganAM