Pine Creek Capital Management
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Equities and valuation / Small caps vs. large caps (IWM/SPY)

IWM / SPY at 0.36, down 3.5% from a year ago

Price ratio; rising = small caps leading
Source: Nasdaq (IWM, SPY closes); Pine Creek Capital Management calculations. Data through October 13, 2026.PNGPine Creek Capital Management

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