I know you are all value investors now, but remember 2021? Growth was in vogue, as was quality.
I don’t really like the value versus growth monikers and consider myself to be in neither camp. And I think that the terms are often unhelpful – I recall one specialist hedge fund manager being accused of “just being a value investor” by a client. In response, he pointed out that the portfolio the client was criticising had an average price/earnings ratio that was 60 per cent above the market average.
At a Quality-Growth Investor Conference in London this year, a range of managers who specialise in the growth genre spoke, outlining what they thought constituted a growth stock.