500, grew their earnings low single digits. There's really been a lack of growth, not only outside of certain stocks in the US, but outside of the US. As a result of that, people have overpaid for growth. But if you look at a graph of value versus growth investing over time and starting the 1970s, there were periods of underperformance for value, but nothing as prolonged as what happened after the financial crisis when they just brought rates down to unusually low levels and flooded the system with money and after COVID. I would say those are two extremely unique events. We're slowly trying to figure out how to move away from that period. With a higher cost of capital, I think you're going to see a major change in that environment between value and growth. Liquidity and rates really have driven this fascination with growth versus value investing. I've heard you say that 2002 marked a turning point for value. Why do you feel that way and what would you point to specifically to support (26/57)
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