My thoughts about GMO’s ‘GROWTH BUBBLE’

Using trailing twelve months earnings that are impacted by a recession is a mistake
Using trailing twelve months earnings that are impacted by a recession is a mistake
Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio’s market value.
A high ratio of price to book value, a high price-earnings ratio, and a low dividend yield – are in no way inconsistent with a ‘value’ purchase.
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