The Changing Environment for Active and Passive Investors Shifting Money from Wants to Needs

The Emergence of Growth Investors

It seems much more likely that in the next five or ten years, the most successful investors will be of the growth variety, not of the value variety. Investors are going out of their way today to look for companies with certain cash flow characteristics, returns on assets that are stable and that have objectively verifiable tangible assets that could be liquidated at some point. If that's going to be the focus for literally thousands of funds ... how could you possibly have outstanding results by just doing the same thing?

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