Growth vs. Value

Jan 2016 //

We are bargain hunters.  Indeed, most of our current holdings of growth stocks resulted from buying value stocks that subsequently graduated into the growth category (i.e., became more expensive), given their good earnings growth and investors’ (belated) recognition of this growth.  That’s what we always like to find—unrecognized growth stocks masquerading as value stocks.  This provides excellent investment results, while the opposite move—from growth to value pricing—is obviously not so good.