Hi Michael, thanks for your question. The data presented also shows that over the last 20 years small caps outperformed large caps. However, there is no consistency in that performance and it is highly dependent on the starting point, e.g. if you start in 2000 you're capturing the rebound from the Tech bubble, where large caps outperformed small caps. If you look at the 90-year data from Fama-French (first chart), then you can spot decade-long underperformance from small caps, e.g. 1980 - 2000. The research was aimed to investigate if alternative metrics to market cap would provide more consistency, but the results do not indicate that.