Indeed, cyclical stocks as a whole had a very good day.

Cyclical stocks are no longer the stars of the market.

For much of the last two years, cyclical stocks led the stock market.

"How can you own cyclical stocks when the economy is slowing down?"

They see the biggest values in cyclical and industrial stocks, his son said.

"We see the best values in the more cyclical stocks with positive earnings potential."

Many cyclical stocks - which move up and down along with general economic conditions - were also weak.

"People moved towards cyclical stocks and away from defensive issues."

But that does not mean he is dumping all his cyclical stocks, which have done very well this year.

The few value funds in the top group made most of their money by loading up on cyclical stocks.