Today’s Chart of the Day is from Janus Henderson’s 2023 Outlook and shows the returns of the S&P 500 (large-cap stocks), Russell mid-cap, and Russell 2000 (small-cap) indexes from the start of all recessions from 1980 to 2022 through the 12-months following.Though large-cap stocks have done well lately, history shows that after a recession, mid-cap and small-cap stocks come back stronger and outperform by 9% and 14% respectively. As the great Warren Buffet says, “Be fearful when others are greedy, and greedy when others are fearful,” or simply what Douglas Adams says, “Don’t panic.”