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This sounds like something that is easy to backtest. Does this author show that growth stocks outperformed value stocks in 6 of the last 7 periods of flat yield curve, or whatever?

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It's not as easy to back test as it sounds because the author is talking about global yield curves, not just U.S. curves.

His assertion is that, prior to the globalization of financial markets, it was fine to only consider the U.S. However, now, you can't just look at the U.S. Even medium-size companies can easily borrow from banks in other countries if the rates are more favorable than here in the U.S.

The problem is that global yield data isn't as readily available as domestic data.

It's a very interesting book. I haven't yet decided whether it's useful, but Fisher has a good track record of beating the indexes for his clients.