Market videos

Tom Hayes expects value stocks to outperform growth for the next 18 months as investors favour cash-generating businesses over costly AI buildouts. In Schwab Network’s interview, he says October saw value gain 5% while growth lost 5%, with equal-weight S&P outperforming the cap-weight index by 6%. He expects hyperscaler returns on invested capital in 2028 and sees possible buying opportunities in 2027. His small-cap preference depends partly on lower yields easing refinancing costs. He also sees Etsy above 100, without a stated deadline.