SNDR - XTN: Small-Cap Transportation Stocks Have Likely Run Out Of Road

• The rising probability of both cyclical and "secular" bear markets over the remainder of the decade is decidedly negative for small-cap transportation stocks.
• Most small-cap transportation returns occur because they are small caps.
• The return of the size effect in the second half of the decade will likely lead to long-term small-cap transportation outperformance.
• Cyclical risks could offset any upside long-term potential.
• History suggests it is best to wait for a broad-based market sell-off before loading up on XTN.

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