A valuable lesson

Go back 18 months or more and to many observers the value or growth argument was as good as over. Value investing was past its sell-by date as, in a low inflation environment, it was deemed important to avoid companies where profitability was being squeezed between limited revenue growth and persistent cost pressures. Opportunities were to be found in companies exposed to the growth areas of the economy, in technology hardware and software, and in telecommunications and the internet. The market's willingness to sign up to the growth potential in these new economy stocks was amply illu...