Growth of value in the market

Sometimes I get tired of the debate between growth and value that is so prevalent in the US and seems occasionally to take root over here as well. I find myself wanting to shout "its not growth or value, its growth of value." But there is one set of economic circumstances where the distinction between companies that are mature and immature in terms of cash flows is likely to matter significantly. That is one where there are significant secular trends in interest rates. It is hard to argue that the consistent decline in global long rates over the 1990s has not had a major impact on how we...