On paper, most recent investment trends remained intact for the full year 2020. Large-caps outperformed small-caps; growth topped value; and domestic stocks returned more than international stocks. Will it be a value market in 2021? Will small-caps continue their recent strong run? Given low interest rates, we favor growth stocks and think that investors recently were simply taking some extraordinary profits from their winners in an extraordinary year. Investors seeking value are encouraged to look for dividend yields in the 3%-4% range. As for small-caps, the promise of a COVID-19 vaccine is encouraging for these companies, which typically don't have the strong balance sheets of large-caps and are thus more dependent on a strong U.S. economy. Small-cap valuations remain depressed despite the recent run, and this group continues to look well-positioned in 2021.