Fundamental Growth

From 2010 to 2017, the outperformance of growth over value was driven almost entirely by fundamentals. Over the past few years, however, the lead widened almost entirely due to investor enthusiasm.
From Michael Cembalest and the team at J.P. Morgan
From 2010 to 2017, relative P/E multiples were stable even as growth outperformed value. This reflects a
growth stock rally that was driven by much faster earnings growth. In o…

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