Aug 2020
We think the growth vs. value pendulum has swung way too far toward growth. Importantly, this isn’t the first time growth-stock prices have become unmoored from reality. Although the timing of historical patterns is not precise, it seems as if growth-vs-value cycles have averaged about 20 years. Indeed, 20 years ago the last major outperformance of growth-style stocks had just peaked after the internet bubble…