In the late 1990s, growth funds had a big run. With the incredible performance of dot.coms and technology stocks, which are primarily growth stocks, value funds performed poorly relative to growth funds. Some growth funds had triple‐digit returns, and some value managers quit the business. The situation reversed in 2000, however, when the technology bubble burst. For the year, the average value fund gained almost 10 percent, while the average growth fund lost almost 12 percent.