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

Shifting Money from Wants to Needs

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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.
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