28 May 2019 - Is it time to switch from growth- to value-based strategies?

Yellow Capital

Growth and momentum strategies have, by and large, been the only game in town for the last five years, as evidenced by the meteoric rise of the NYSE Fang+ Index. Established in 2014, this benchmark contains ten high-octane growth stocks – America’s Facebook, Amazon, Apple, Netflix, Alphabet (the parent of Google), NVIDIA, Tesla and Twitter and China’s Baidu, Tencent and Alibaba. They are in various stages of their development, from relatively mature cash generator (Apple) to wildly profitable (Alphabet, Alibaba) to deeply cyclical (NVIDIA) to just breaking into profit (Netflix) to apparent cash-sink (Tesla).

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