Nov 2019
Growth-style investors tend to focus on rapidly growing companies, even when that growth sometimes comes at the expense of profitability. Using a point we’ve made before, it’s easy to grow when you sell dollar bills for 95 cents— but it’s hard to stay in business this way. Sometime before the current investment headwinds abate, we expect to see a wide variety of “growth at any cost” companies suffer some hard landings.