As investors look to the markets ahead, it is important to considers ways to prepare for both cyclical and secular changes. In the recent webcast, Barbell Cyclical and Secular Change: Balancing Opportunities and Risks , Michael Arone, Chief Investment Strategist, SPDR, State Street Global Advisors, highlighted the shift in factor trends that took place in the fourth quarter of 2020, with cyclical size and value factors taking charge. “Size and Value rallied hard off the vaccine news, while Quality held up better than Momentum, given the potential for an uneven recovery,” Arone said.