The Emergence of Growth Investors Value Investors Can Benefit from Breakdowns in the Private-Equity Model

Shifting Money from Wants to Needs

Particularly in the U.S., the market has tended to be long on stuff in people’s basements and attics that they won’t ever need and short on stuff that can have a broader impact on economic efficiency. Consumer spending is two-thirds of the U.S. economy, but I don’t know that that is a permanent state. Perhaps at the margin we’ll start to see people forgo a few extra boxes that will sit in their basement in order to get the Van Wyck Expressway paved so they can get to JFK airport 20 minutes faster – I know I certainly would.