Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over_老虎社区_美港股上老虎

Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over

Barron's2021-04-21

Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may ...

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Pangabui
·2021-04-21
[微笑] [微笑] [微笑]
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1
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Samsong
·2021-04-21
Value stocks vs speculative stocks. Which one dou think will prevail in 2021?
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35b64fd9
·2021-04-21
Tesla is still strong though
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2
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Rednalhgih
·2021-04-21
...
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1
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Smokeouts
·2021-04-21
...........
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3
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Vikkilai
·2021-04-21
Ok
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1
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转角处
·2021-04-21
怎么这样
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3
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PurpleBarley
·2021-04-21
Like pls thanks!
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3
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收起
- buckethead:
  ok done
  2021-04-21
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xxiinn
·2021-04-21
Patience~
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2
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- sayseng:
  Okay
  2021-04-21
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- xxiinn:
  [微笑]
  2021-04-21
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- sayseng回复xxiinn:
  Okay
  2021-04-22
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查看更多 2 条评论
1PerCentClub
·2021-04-21
Any comments?
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Slowdownpok
·2021-04-21
It is because pe too high... you can’t see high jump in term of share price this year. Share price already factor in beginning of this year.
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1
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Vivberry
·2021-04-21
FAANG is doing well
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4
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JohnTeo
·2021-04-21
Apple has changed the world’s communication via the phone. How will Tesla have an impact on the things that we do day in and out.
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3
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- GoG:
  Robo taxi replacing normal taxis, Solar roof to provide greener electricity, Auto pilot to help reduce accidents. Not all of these will work off the bat, but all are heading in the right direction.
  2021-04-21
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pohyc
·2021-04-21
What are the cyclical stocks in summer?
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2
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Bull_Lion
·2021-04-21
Agree with the article but not with the PGR stockrecommendation
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3
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SirBahamut
·2021-04-21
Agree
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2
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jezza
·2021-04-21
Patience! but more importantly, don’t invest with money you cannot afford
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4
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- 35b64fd9:
  totally agree
  2021-04-21
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Vin309
·2021-04-21
Like and comment
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7
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- KingMeng:
  done. do reply on my comment. thanks!
  2021-04-21
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- szueyann:
  done
  2021-04-21
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JJHou
·2021-04-21
[流泪] [难过]
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6
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- Tiongwee:
  😭
  2021-04-21
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458b6d98
·2021-04-21
Whyy
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- Jloh:
  Dk
  2021-04-21
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- 458b6d98:
  Thanks for your response
  2021-04-21
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But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA).“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":378363333,"gmtCreate":1619002120122,"gmtModify":1634289311036,"author":{"id":"3570444284639989","authorId":"3570444284639989","name":"Pangabui","avatar":"https://static.tigerbbs.com/32b4b9242d9aab94ee79aaaf573818e8","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3570444284639989","authorIdStr":"3570444284639989"},"htmlText":"[微笑] [微笑] [微笑]","listText":"[微笑] [微笑] [微笑]","text":"[微笑] [微笑] [微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/378363333","repostId":1148637565,"repostType":4,"repost":{"id":"1148637565","kind":"news","pubTimestamp":1618977720,"share":"https://www.laohu8.com/m/news/1148637565?lang=&edition=full","pubTime":"2021-04-21 12:02","market":"us","language":"en","title":"Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over","url":"https://stock-news.laohu8.com/highlight/detail?id=1148637565","media":"Barron's","summary":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short re","content":"<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.</p><p>Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.</p><p>But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&amp;P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&amp;P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA)<b>.</b></p><p>“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.</p><p>Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.</p><p>In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.</p><p>Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.</p><p>As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.</p><p>Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.</p><p>The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.</p><p>Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.</p><p>Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.</p><p>Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 12:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may ...</p>\n\n<a href=\"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148637565","content_text":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA).“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":378314134,"gmtCreate":1619000624628,"gmtModify":1631883992169,"author":{"id":"3576927448277788","authorId":"3576927448277788","name":"Samsong","avatar":"https://static.tigerbbs.com/552151775265f43dab7f80689fa9d3fd","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3576927448277788","authorIdStr":"3576927448277788"},"htmlText":"Value stocks vs speculative stocks. Which one dou think will prevail in 2021?&nbsp;","listText":"Value stocks vs speculative stocks. Which one dou think will prevail in 2021?&nbsp;","text":"Value stocks vs speculative stocks. Which one dou think will prevail in 2021?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/378314134","repostId":1148637565,"repostType":4,"repost":{"id":"1148637565","kind":"news","pubTimestamp":1618977720,"share":"https://www.laohu8.com/m/news/1148637565?lang=&edition=full","pubTime":"2021-04-21 12:02","market":"us","language":"en","title":"Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over","url":"https://stock-news.laohu8.com/highlight/detail?id=1148637565","media":"Barron's","summary":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short re","content":"<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.</p><p>Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.</p><p>But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&amp;P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&amp;P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA)<b>.</b></p><p>“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.</p><p>Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.</p><p>In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.</p><p>Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.</p><p>As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.</p><p>Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.</p><p>The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.</p><p>Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.</p><p>Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.</p><p>Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 12:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may ...</p>\n\n<a href=\"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148637565","content_text":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA).“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":378319906,"gmtCreate":1618999770905,"gmtModify":1634289325496,"author":{"id":"3572835286072454","authorId":"3572835286072454","name":"35b64fd9","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3572835286072454","authorIdStr":"3572835286072454"},"htmlText":"Tesla is still strong though","listText":"Tesla is still strong though","text":"Tesla is still strong though","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/378319906","repostId":1148637565,"repostType":4,"repost":{"id":"1148637565","kind":"news","pubTimestamp":1618977720,"share":"https://www.laohu8.com/m/news/1148637565?lang=&edition=full","pubTime":"2021-04-21 12:02","market":"us","language":"en","title":"Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over","url":"https://stock-news.laohu8.com/highlight/detail?id=1148637565","media":"Barron's","summary":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short re","content":"<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.</p><p>Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.</p><p>But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&amp;P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&amp;P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA)<b>.</b></p><p>“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.</p><p>Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.</p><p>In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.</p><p>Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.</p><p>As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.</p><p>Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.</p><p>The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.</p><p>Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.</p><p>Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.</p><p>Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 12:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may ...</p>\n\n<a href=\"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148637565","content_text":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA).“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":378973849,"gmtCreate":1618995619981,"gmtModify":1634289345274,"author":{"id":"3560669368328062","authorId":"3560669368328062","name":"Rednalhgih","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3560669368328062","authorIdStr":"3560669368328062"},"htmlText":"...","listText":"...","text":"...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/378973849","repostId":1148637565,"repostType":4,"repost":{"id":"1148637565","kind":"news","pubTimestamp":1618977720,"share":"https://www.laohu8.com/m/news/1148637565?lang=&edition=full","pubTime":"2021-04-21 12:02","market":"us","language":"en","title":"Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over","url":"https://stock-news.laohu8.com/highlight/detail?id=1148637565","media":"Barron's","summary":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short re","content":"<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.</p><p>Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.</p><p>But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&amp;P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&amp;P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA)<b>.</b></p><p>“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.</p><p>Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.</p><p>In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.</p><p>Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.</p><p>As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.</p><p>Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.</p><p>The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.</p><p>Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.</p><p>Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.</p><p>Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 12:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may ...</p>\n\n<a href=\"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148637565","content_text":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA).“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":378988666,"gmtCreate":1618991276955,"gmtModify":1631891909675,"author":{"id":"3573182470478039","authorId":"3573182470478039","name":"Smokeouts","avatar":"https://static.tigerbbs.com/bfcfc8b1407fd3f1f2140c69f5184540","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3573182470478039","authorIdStr":"3573182470478039"},"htmlText":"...........&nbsp;","listText":"...........&nbsp;","text":"...........","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/378988666","repostId":1148637565,"repostType":4,"repost":{"id":"1148637565","kind":"news","pubTimestamp":1618977720,"share":"https://www.laohu8.com/m/news/1148637565?lang=&edition=full","pubTime":"2021-04-21 12:02","market":"us","language":"en","title":"Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over","url":"https://stock-news.laohu8.com/highlight/detail?id=1148637565","media":"Barron's","summary":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short re","content":"<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.</p><p>Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.</p><p>But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&amp;P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&amp;P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA)<b>.</b></p><p>“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.</p><p>Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.</p><p>In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.</p><p>Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.</p><p>As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.</p><p>Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.</p><p>The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.</p><p>Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.</p><p>Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.</p><p>Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 12:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may ...</p>\n\n<a href=\"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148637565","content_text":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA).“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":378917780,"gmtCreate":1618990662040,"gmtModify":1634289375281,"author":{"id":"3550480657175062","authorId":"3550480657175062","name":"Vikkilai","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3550480657175062","authorIdStr":"3550480657175062"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/378917780","repostId":1148637565,"repostType":4,"repost":{"id":"1148637565","kind":"news","pubTimestamp":1618977720,"share":"https://www.laohu8.com/m/news/1148637565?lang=&edition=full","pubTime":"2021-04-21 12:02","market":"us","language":"en","title":"Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over","url":"https://stock-news.laohu8.com/highlight/detail?id=1148637565","media":"Barron's","summary":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short re","content":"<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.</p><p>Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.</p><p>But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&amp;P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&amp;P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA)<b>.</b></p><p>“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.</p><p>Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.</p><p>In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.</p><p>Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.</p><p>As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.</p><p>Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.</p><p>The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.</p><p>Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.</p><p>Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.</p><p>Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 12:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may ...</p>\n\n<a href=\"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148637565","content_text":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA).“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":378934356,"gmtCreate":1618989338375,"gmtModify":1618989338375,"author":{"id":"3506140834259862","authorId":"3506140834259862","name":"转角处","avatar":"https://static.tigerbbs.com/b2db77f9e87667591e1355ce1329b5d9","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3506140834259862","authorIdStr":"3506140834259862"},"htmlText":"怎么这样","listText":"怎么这样","text":"怎么这样","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/378934356","repostId":1148637565,"repostType":4,"repost":{"id":"1148637565","kind":"news","pubTimestamp":1618977720,"share":"https://www.laohu8.com/m/news/1148637565?lang=&edition=full","pubTime":"2021-04-21 12:02","market":"us","language":"en","title":"Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over","url":"https://stock-news.laohu8.com/highlight/detail?id=1148637565","media":"Barron's","summary":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short re","content":"<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.</p><p>Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.</p><p>But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&amp;P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&amp;P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA)<b>.</b></p><p>“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.</p><p>Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.</p><p>In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.</p><p>Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.</p><p>As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.</p><p>Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.</p><p>The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.</p><p>Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.</p><p>Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.</p><p>Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 12:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may ...</p>\n\n<a href=\"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148637565","content_text":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA).“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":378907673,"gmtCreate":1618987316692,"gmtModify":1634289390873,"author":{"id":"3581720974353046","authorId":"3581720974353046","name":"PurpleBarley","avatar":"https://static.tigerbbs.com/7b619bf28995c983138e1763a8056a56","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3581720974353046","authorIdStr":"3581720974353046"},"htmlText":"Like pls thanks!&nbsp;","listText":"Like pls thanks!&nbsp;","text":"Like pls thanks!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/378907673","repostId":1148637565,"repostType":4,"repost":{"id":"1148637565","kind":"news","pubTimestamp":1618977720,"share":"https://www.laohu8.com/m/news/1148637565?lang=&edition=full","pubTime":"2021-04-21 12:02","market":"us","language":"en","title":"Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over","url":"https://stock-news.laohu8.com/highlight/detail?id=1148637565","media":"Barron's","summary":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short re","content":"<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.</p><p>Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.</p><p>But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&amp;P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&amp;P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA)<b>.</b></p><p>“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.</p><p>Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.</p><p>In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.</p><p>Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.</p><p>As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.</p><p>Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.</p><p>The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.</p><p>Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.</p><p>Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.</p><p>Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 12:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may ...</p>\n\n<a href=\"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148637565","content_text":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA).“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4091268,"gmtCreate":1618987902193,"gmtModify":1635514871586,"authorId":3573341177962944,"author":{"id":3573341177962944,"idStr":"3573341177962944","authorId":3573341177962944,"name":"buckethead","avatar":"https://static.tigerbbs.com/fb0baba9e10b75fa4dc0ff143e54bbea","vip":1,"crmLevel":7,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":378907673,"type":1,"supId":0,"prevId":0,"content":"ok done","text":"ok done","html":"ok done"}],"langContent":"EN"},{"id":378904959,"gmtCreate":1618987179371,"gmtModify":1634289391587,"author":{"id":"3570541108181800","authorId":"3570541108181800","name":"xxiinn","avatar":"https://static.tigerbbs.com/70b21ae15619b83c626e395bcdb1e927","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3570541108181800","authorIdStr":"3570541108181800"},"htmlText":"Patience~","listText":"Patience~","text":"Patience~","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/378904959","repostId":1148637565,"repostType":4,"repost":{"id":"1148637565","kind":"news","pubTimestamp":1618977720,"share":"https://www.laohu8.com/m/news/1148637565?lang=&edition=full","pubTime":"2021-04-21 12:02","market":"us","language":"en","title":"Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over","url":"https://stock-news.laohu8.com/highlight/detail?id=1148637565","media":"Barron's","summary":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short re","content":"<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.</p><p>Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.</p><p>But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&amp;P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&amp;P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA)<b>.</b></p><p>“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.</p><p>Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.</p><p>In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.</p><p>Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.</p><p>As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.</p><p>Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.</p><p>The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.</p><p>Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.</p><p>Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.</p><p>Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 12:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may ...</p>\n\n<a href=\"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148637565","content_text":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA).“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4094328,"gmtCreate":1619014978781,"gmtModify":1635514649407,"authorId":3573211284448483,"author":{"id":3573211284448483,"idStr":"3573211284448483","authorId":3573211284448483,"name":"sayseng","avatar":"https://static.tigerbbs.com/fabcad9e067a8f135e171baf6de7fb58","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":378904959,"type":1,"supId":0,"prevId":0,"content":"Okay","text":"Okay","html":"Okay"},{"id":4094343,"gmtCreate":1619015026394,"gmtModify":1635514648686,"authorId":3570541108181800,"author":{"id":3570541108181800,"idStr":"3570541108181800","authorId":3570541108181800,"name":"xxiinn","avatar":"https://static.tigerbbs.com/70b21ae15619b83c626e395bcdb1e927","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":378904959,"type":1,"supId":4094328,"prevId":0,"content":"[微笑]","text":"[微笑]","html":"[微笑]"},{"id":4100851,"gmtCreate":1619068762336,"gmtModify":1635514096684,"authorId":3573211284448483,"author":{"id":3573211284448483,"idStr":"3573211284448483","authorId":3573211284448483,"name":"sayseng","avatar":"https://static.tigerbbs.com/fabcad9e067a8f135e171baf6de7fb58","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":3570541108181800,"repliedAuthor":{"id":3570541108181800,"idStr":"3570541108181800","authorId":3570541108181800,"name":"xxiinn","avatar":"https://static.tigerbbs.com/70b21ae15619b83c626e395bcdb1e927","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"objectId":378904959,"type":1,"supId":4094328,"prevId":4094343,"content":"Okay","text":"Okay","html":"Okay"},{"id":4110504,"gmtCreate":1619150481548,"gmtModify":1635513334650,"authorId":3573211284448483,"author":{"id":3573211284448483,"idStr":"3573211284448483","authorId":3573211284448483,"name":"sayseng","avatar":"https://static.tigerbbs.com/fabcad9e067a8f135e171baf6de7fb58","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":378904959,"type":1,"supId":4094328,"prevId":0,"content":"Hello","text":"Hello","html":"Hello"},{"id":4114628,"gmtCreate":1619189099307,"gmtModify":1635513022581,"authorId":3570541108181800,"author":{"id":3570541108181800,"idStr":"3570541108181800","authorId":3570541108181800,"name":"xxiinn","avatar":"https://static.tigerbbs.com/70b21ae15619b83c626e395bcdb1e927","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":378904959,"type":1,"supId":4094328,"prevId":0,"content":"[流泪]","text":"[流泪]","html":"[流泪]"}],"langContent":"EN"},{"id":378906119,"gmtCreate":1618986843931,"gmtModify":1634289393253,"author":{"id":"3574026189533561","authorId":"3574026189533561","name":"1PerCentClub","avatar":"https://static.tigerbbs.com/137535c7b4b589ca0f194fe3094266bf","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3574026189533561","authorIdStr":"3574026189533561"},"htmlText":"Any comments?","listText":"Any comments?","text":"Any comments?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/378906119","repostId":1148637565,"repostType":4,"repost":{"id":"1148637565","kind":"news","pubTimestamp":1618977720,"share":"https://www.laohu8.com/m/news/1148637565?lang=&edition=full","pubTime":"2021-04-21 12:02","market":"us","language":"en","title":"Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over","url":"https://stock-news.laohu8.com/highlight/detail?id=1148637565","media":"Barron's","summary":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short re","content":"<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.</p><p>Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.</p><p>But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&amp;P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&amp;P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA)<b>.</b></p><p>“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.</p><p>Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.</p><p>In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.</p><p>Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.</p><p>As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.</p><p>Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.</p><p>The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.</p><p>Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.</p><p>Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.</p><p>Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 12:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may ...</p>\n\n<a href=\"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148637565","content_text":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA).“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":378071258,"gmtCreate":1618985648174,"gmtModify":1634289400357,"author":{"id":"3551139414186896","authorId":"3551139414186896","name":"Slowdownpok","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3551139414186896","authorIdStr":"3551139414186896"},"htmlText":"It is because pe too high... you can’t see high jump in term of share price this year. Share price already factor in beginning of this year.&nbsp;","listText":"It is because pe too high... you can’t see high jump in term of share price this year. Share price already factor in beginning of this year.&nbsp;","text":"It is because pe too high... you can’t see high jump in term of share price this year. Share price already factor in beginning of this year.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/378071258","repostId":1148637565,"repostType":4,"repost":{"id":"1148637565","kind":"news","pubTimestamp":1618977720,"share":"https://www.laohu8.com/m/news/1148637565?lang=&edition=full","pubTime":"2021-04-21 12:02","market":"us","language":"en","title":"Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over","url":"https://stock-news.laohu8.com/highlight/detail?id=1148637565","media":"Barron's","summary":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short re","content":"<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.</p><p>Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.</p><p>But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&amp;P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&amp;P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA)<b>.</b></p><p>“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.</p><p>Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.</p><p>In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.</p><p>Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.</p><p>As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.</p><p>Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.</p><p>The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.</p><p>Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.</p><p>Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.</p><p>Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 12:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may ...</p>\n\n<a href=\"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148637565","content_text":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA).“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":378045953,"gmtCreate":1618984701672,"gmtModify":1634289404901,"author":{"id":"3580092330105291","authorId":"3580092330105291","name":"Vivberry","avatar":"https://static.tigerbbs.com/8d8a4ce0041edafbf8e072bb66c313e5","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3580092330105291","authorIdStr":"3580092330105291"},"htmlText":"FAANG is doing well","listText":"FAANG is doing well","text":"FAANG is doing well","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/378045953","repostId":1148637565,"repostType":4,"repost":{"id":"1148637565","kind":"news","pubTimestamp":1618977720,"share":"https://www.laohu8.com/m/news/1148637565?lang=&edition=full","pubTime":"2021-04-21 12:02","market":"us","language":"en","title":"Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over","url":"https://stock-news.laohu8.com/highlight/detail?id=1148637565","media":"Barron's","summary":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short re","content":"<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.</p><p>Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.</p><p>But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&amp;P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&amp;P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA)<b>.</b></p><p>“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.</p><p>Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.</p><p>In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.</p><p>Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.</p><p>As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.</p><p>Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.</p><p>The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.</p><p>Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.</p><p>Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.</p><p>Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 12:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may ...</p>\n\n<a href=\"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148637565","content_text":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA).“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":378043168,"gmtCreate":1618984195554,"gmtModify":1634289407930,"author":{"id":"3574646684002399","authorId":"3574646684002399","name":"JohnTeo","avatar":"https://static.tigerbbs.com/884c031c0209150d5c4da4db425234b3","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"3574646684002399","authorIdStr":"3574646684002399"},"htmlText":"Apple has changed the world’s communication via the phone.&nbsp;How will Tesla have an impact on the things that we do day in and out.&nbsp;","listText":"Apple has changed the world’s communication via the phone.&nbsp;How will Tesla have an impact on the things that we do day in and out.&nbsp;","text":"Apple has changed the world’s communication via the phone. How will Tesla have an impact on the things that we do day in and out.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/378043168","repostId":1148637565,"repostType":4,"repost":{"id":"1148637565","kind":"news","pubTimestamp":1618977720,"share":"https://www.laohu8.com/m/news/1148637565?lang=&edition=full","pubTime":"2021-04-21 12:02","market":"us","language":"en","title":"Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over","url":"https://stock-news.laohu8.com/highlight/detail?id=1148637565","media":"Barron's","summary":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short re","content":"<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.</p><p>Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.</p><p>But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&amp;P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&amp;P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA)<b>.</b></p><p>“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.</p><p>Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.</p><p>In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.</p><p>Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.</p><p>As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.</p><p>Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.</p><p>The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.</p><p>Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.</p><p>Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.</p><p>Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 12:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may ...</p>\n\n<a href=\"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148637565","content_text":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA).“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4092124,"gmtCreate":1618998015748,"gmtModify":1635514806620,"authorId":3570186020309805,"author":{"id":3570186020309805,"idStr":"3570186020309805","authorId":3570186020309805,"name":"GoG","avatar":"https://static.tigerbbs.com/1c9fbe31d027bcf439a17955df60352f","vip":1,"crmLevel":7,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":378043168,"type":1,"supId":0,"prevId":0,"content":"<p>Robo taxi replacing normal taxis, Solar roof to provide greener electricity, Auto pilot to help reduce accidents. Not all of these will work off the bat, but all are heading in the right direction.</p>","text":"<p>Robo taxi replacing normal taxis, Solar roof to provide greener electricity, Auto pilot to help reduce accidents. Not all of these will work off the bat, but all are heading in the right direction.</p>","html":"<p>Robo taxi replacing normal taxis, Solar roof to provide greener electricity, Auto pilot to help reduce accidents. Not all of these will work off the bat, but all are heading in the right direction.</p>"}],"langContent":"EN"},{"id":378051390,"gmtCreate":1618983294610,"gmtModify":1634289414945,"author":{"id":"3555029445879688","authorId":"3555029445879688","name":"pohyc","avatar":"https://static.tigerbbs.com/fcd67d94d8a87fe255c0c97433027e87","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3555029445879688","authorIdStr":"3555029445879688"},"htmlText":"What are the cyclical stocks in summer?","listText":"What are the cyclical stocks in summer?","text":"What are the cyclical stocks in summer?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/378051390","repostId":1148637565,"repostType":4,"repost":{"id":"1148637565","kind":"news","pubTimestamp":1618977720,"share":"https://www.laohu8.com/m/news/1148637565?lang=&edition=full","pubTime":"2021-04-21 12:02","market":"us","language":"en","title":"Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over","url":"https://stock-news.laohu8.com/highlight/detail?id=1148637565","media":"Barron's","summary":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short re","content":"<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.</p><p>Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.</p><p>But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&amp;P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&amp;P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA)<b>.</b></p><p>“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.</p><p>Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.</p><p>In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.</p><p>Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.</p><p>As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.</p><p>Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.</p><p>The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.</p><p>Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.</p><p>Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.</p><p>Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 12:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may ...</p>\n\n<a href=\"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148637565","content_text":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA).“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":378026383,"gmtCreate":1618982101242,"gmtModify":1631888362778,"author":{"id":"3573540190522229","authorId":"3573540190522229","name":"Bull_Lion","avatar":"https://static.tigerbbs.com/97c7d011186160cd333508e7d9191f74","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"3573540190522229","authorIdStr":"3573540190522229"},"htmlText":"Agree with the article but not with the PGR stockrecommendation&nbsp;","listText":"Agree with the article but not with the PGR stockrecommendation&nbsp;","text":"Agree with the article but not with the PGR stockrecommendation","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/378026383","repostId":1148637565,"repostType":4,"repost":{"id":"1148637565","kind":"news","pubTimestamp":1618977720,"share":"https://www.laohu8.com/m/news/1148637565?lang=&edition=full","pubTime":"2021-04-21 12:02","market":"us","language":"en","title":"Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over","url":"https://stock-news.laohu8.com/highlight/detail?id=1148637565","media":"Barron's","summary":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short re","content":"<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.</p><p>Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.</p><p>But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&amp;P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&amp;P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA)<b>.</b></p><p>“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.</p><p>Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.</p><p>In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.</p><p>Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.</p><p>As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.</p><p>Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.</p><p>The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.</p><p>Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.</p><p>Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.</p><p>Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 12:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may ...</p>\n\n<a href=\"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148637565","content_text":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA).“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":378029408,"gmtCreate":1618981801604,"gmtModify":1631888362787,"author":{"id":"3581734227956830","authorId":"3581734227956830","name":"SirBahamut","avatar":"https://static.tigerbbs.com/98035de918c1759870078e69640b8281","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3581734227956830","authorIdStr":"3581734227956830"},"htmlText":"Agree","listText":"Agree","text":"Agree","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/378029408","repostId":1148637565,"repostType":4,"repost":{"id":"1148637565","kind":"news","pubTimestamp":1618977720,"share":"https://www.laohu8.com/m/news/1148637565?lang=&edition=full","pubTime":"2021-04-21 12:02","market":"us","language":"en","title":"Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over","url":"https://stock-news.laohu8.com/highlight/detail?id=1148637565","media":"Barron's","summary":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short re","content":"<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.</p><p>Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.</p><p>But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&amp;P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&amp;P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA)<b>.</b></p><p>“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.</p><p>Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.</p><p>In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.</p><p>Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.</p><p>As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.</p><p>Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.</p><p>The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.</p><p>Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.</p><p>Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.</p><p>Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 12:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may ...</p>\n\n<a href=\"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148637565","content_text":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA).“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":378068269,"gmtCreate":1618981052051,"gmtModify":1634289428825,"author":{"id":"3563007583951606","authorId":"3563007583951606","name":"jezza","avatar":"https://static.tigerbbs.com/ee8927fb8d533f31310ae9ce418e859c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3563007583951606","authorIdStr":"3563007583951606"},"htmlText":"Patience! but more importantly, don’t invest with money you cannot afford","listText":"Patience! but more importantly, don’t invest with money you cannot afford","text":"Patience! but more importantly, don’t invest with money you cannot afford","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/378068269","repostId":1148637565,"repostType":4,"repost":{"id":"1148637565","kind":"news","pubTimestamp":1618977720,"share":"https://www.laohu8.com/m/news/1148637565?lang=&edition=full","pubTime":"2021-04-21 12:02","market":"us","language":"en","title":"Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over","url":"https://stock-news.laohu8.com/highlight/detail?id=1148637565","media":"Barron's","summary":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short re","content":"<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.</p><p>Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.</p><p>But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&amp;P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&amp;P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA)<b>.</b></p><p>“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.</p><p>Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.</p><p>In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.</p><p>Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.</p><p>As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.</p><p>Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.</p><p>The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.</p><p>Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.</p><p>Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.</p><p>Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 12:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may ...</p>\n\n<a href=\"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148637565","content_text":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA).“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4092332,"gmtCreate":1618999797293,"gmtModify":1635514791726,"authorId":3572835286072454,"author":{"id":3572835286072454,"idStr":"3572835286072454","authorId":3572835286072454,"name":"35b64fd9","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":378068269,"type":1,"supId":0,"prevId":0,"content":"totally agree","text":"totally agree","html":"totally agree"}],"langContent":"EN"},{"id":378069150,"gmtCreate":1618980756370,"gmtModify":1634289431593,"author":{"id":"3555908735229300","authorId":"3555908735229300","name":"Vin309","avatar":"https://static.tigerbbs.com/9ca4de1ca05f1d625f1bcdbc1d790726","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3555908735229300","authorIdStr":"3555908735229300"},"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/378069150","repostId":1148637565,"repostType":4,"repost":{"id":"1148637565","kind":"news","pubTimestamp":1618977720,"share":"https://www.laohu8.com/m/news/1148637565?lang=&edition=full","pubTime":"2021-04-21 12:02","market":"us","language":"en","title":"Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over","url":"https://stock-news.laohu8.com/highlight/detail?id=1148637565","media":"Barron's","summary":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short re","content":"<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.</p><p>Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.</p><p>But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&amp;P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&amp;P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA)<b>.</b></p><p>“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.</p><p>Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.</p><p>In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.</p><p>Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.</p><p>As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.</p><p>Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.</p><p>The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.</p><p>Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.</p><p>Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.</p><p>Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 12:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may ...</p>\n\n<a href=\"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148637565","content_text":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA).“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4090718,"gmtCreate":1618981974901,"gmtModify":1635514922444,"authorId":3555321706323687,"author":{"id":3555321706323687,"idStr":"3555321706323687","authorId":3555321706323687,"name":"KingMeng","avatar":"https://static.tigerbbs.com/2a4230fd8d7c8381fff3acc8774ac46e","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":378069150,"type":1,"supId":0,"prevId":0,"content":"done. do reply on my comment. thanks!","text":"done. do reply on my comment. thanks!","html":"done. do reply on my comment. thanks!"},{"id":4094983,"gmtCreate":1619018723225,"gmtModify":1635514602719,"authorId":3573721781255613,"author":{"id":3573721781255613,"idStr":"3573721781255613","authorId":3573721781255613,"name":"szueyann","avatar":"https://static.tigerbbs.com/cba9c6b1e785a9cf7301a7e6a2ff2354","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":378069150,"type":1,"supId":0,"prevId":0,"content":"<u>done</u>","text":"<u>done</u>","html":"<u>done</u>"}],"langContent":"EN"},{"id":378085006,"gmtCreate":1618980373805,"gmtModify":1631891914497,"author":{"id":"3576571081015553","authorId":"3576571081015553","name":"JJHou","avatar":"https://static.tigerbbs.com/daf1a3da1c7cdab169f93706775fe6e6","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3576571081015553","authorIdStr":"3576571081015553"},"htmlText":"[流泪]&nbsp;[难过]&nbsp;","listText":"[流泪]&nbsp;[难过]&nbsp;","text":"[流泪] [难过]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/378085006","repostId":1148637565,"repostType":4,"repost":{"id":"1148637565","kind":"news","pubTimestamp":1618977720,"share":"https://www.laohu8.com/m/news/1148637565?lang=&edition=full","pubTime":"2021-04-21 12:02","market":"us","language":"en","title":"Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over","url":"https://stock-news.laohu8.com/highlight/detail?id=1148637565","media":"Barron's","summary":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short re","content":"<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.</p><p>Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.</p><p>But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&amp;P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&amp;P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA)<b>.</b></p><p>“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.</p><p>Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.</p><p>In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.</p><p>Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.</p><p>As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.</p><p>Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.</p><p>The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.</p><p>Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.</p><p>Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.</p><p>Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 12:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may ...</p>\n\n<a href=\"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148637565","content_text":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA).“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4090580,"gmtCreate":1618980661311,"gmtModify":1635514935078,"authorId":3573775111920367,"author":{"id":3573775111920367,"idStr":"3573775111920367","authorId":3573775111920367,"name":"Tiongwee","avatar":"https://static.tigerbbs.com/e90910e406e67c77f42e225b16b69020","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":378085006,"type":1,"supId":0,"prevId":0,"content":"😭","text":"😭","html":"😭"}],"langContent":"CN"},{"id":378081692,"gmtCreate":1618979971316,"gmtModify":1634289436945,"author":{"id":"3556756933727652","authorId":"3556756933727652","name":"458b6d98","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3556756933727652","authorIdStr":"3556756933727652"},"htmlText":"Whyy","listText":"Whyy","text":"Whyy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/378081692","repostId":1148637565,"repostType":4,"repost":{"id":"1148637565","kind":"news","pubTimestamp":1618977720,"share":"https://www.laohu8.com/m/news/1148637565?lang=&edition=full","pubTime":"2021-04-21 12:02","market":"us","language":"en","title":"Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over","url":"https://stock-news.laohu8.com/highlight/detail?id=1148637565","media":"Barron's","summary":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short re","content":"<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.</p><p>Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.</p><p>But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&amp;P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&amp;P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA)<b>.</b></p><p>“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.</p><p>Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.</p><p>In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.</p><p>Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.</p><p>As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.</p><p>Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.</p><p>The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.</p><p>Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.</p><p>Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.</p><p>Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Growth Stocks’ Rebound Doesn’t Mean Value’s Comeback Is Over\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 12:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may ...</p>\n\n<a href=\"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/growth-stocks-rebound-doesnt-mean-values-comeback-is-over-51618948792?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148637565","content_text":"Stocks like Apple and Tesla are again leading the market, raising questions about whether a short reprieve for shares of companies closely linked to the economy—overlooked for close to a decade—may already be over. But the market’s latest moves may indicate only a pause, rather than a reversal in value’s comeback.Value stocks, or those that typically trade at a low multiples versus their cash flow or other metrics, had started to perk up late last year. News of a vaccine for Covid-19 raised hope for a strong global recovery and bolstered the outlooks for financials, manufacturers, energy, and other commodity-oriented companies.But a recent decline in interest rates and inflation expectations has led to another reversal. TheiShares S&P 500 ValueETF (ticker: IVE) has gained 3.7% in the past month while theiShares S&P 500 GrowthETF (IVW) is up 7.7%. In a note to clients on Tuesday, Nicholas Colas, co-founder of DataTrek Research, attributed growth’s recent outperformance to five companies:Apple(AAPL);Microsoft(MSFT);Amazon.com(AMZN); Google’s owner, Alphabet (GOOG); andTesla(TSLA).“A sudden rotation into brand-name growth stocks isn’t typically a good sign for markets over the near term,” Colas wrote. Investors took cover in big-cap tech stocks as markets swooned last year, and the fact that money has been flowing back into them lately could suggest people are hitting pause on their reopening plays, before adding to their holdings of more cyclical stocks. Investors may be waiting to see more proof that the recovery will come through, he said.Morgan Stanley Wealth Management’sLisa Shalett is also skeptical of the recent resurgence in growth stocks and the likelihood that the economic rebound this cycle will be narrow, forcing the Federal Reserve to keep interest rates ultralow. Low rates tend to benefit growth stocks more than value.In a note to clients, Shalett said she expects growth this business cycle to be much broader and stronger than in the past one, with credit growth likely to resume. Instead of monetary policy, fiscal policy, whether through infrastructure spending or other stimulus measures, will loom large over the market—potentially contributing to higher inflation.Inflation could bring higher interest rates, benefiting banks. Commodity producers would gain as well.As a result, she recommends investors tilt toward cyclical stocks, foreign, value, and quality factors.Indeed, people putting money into passive investment funds still seem to prefer value. As of last week, value exchange-traded funds had recorded 12 consecutive weeks of net inflows, while growth ETFs saw the biggest outflows in six weeks, according to equity and quantitative strategists atBank of America.The BofA strategists see more room for value to recover, based on signs they track. For example, value has only outperformed growth by about 20% versus 60% on average, and its outperformance is only in its seventh month, while periods when value beats growth average 33 months. Profit growth also has yet to peak, and money managers are still light on value-oriented stocks, with active funds roughly 30% underweight value.Abhay Deshpande, a veteran value manager and chief investment officer at Centerstone Investors, is fully invested even though markets look expensive.Many of the opportunities Centerstone has found are popping up in small to midsize companies abroad, including in smaller emerging markets that have been ignored as investors have flocked to big technology stocks and large markets like China. One area Desphande finds attractive: travel and casino companies in emerging Asia as vaccine distribution picks up and a global recovery takes hold.Larry Pitkowsky, manager of theGoodHaven(GOODX) fund, also thinks markets are pricey, but he is finding the quality value stocks he tends to favor amid financials. The market hasn’t fully priced in the benefit to financial companies as interest rates rise, Pitkowsky believes, so he is adding to his holdings of stocks likeProgressive(PGR). The insurer offers a high return on capital, growing revenue, and a strong management, but the stock is trading relatively cheaply, at multiples in the midteens, he said.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4093409,"gmtCreate":1619009825274,"gmtModify":1635514714161,"authorId":3580281864844831,"author":{"id":3580281864844831,"idStr":"3580281864844831","authorId":3580281864844831,"name":"Jloh","avatar":"https://static.tigerbbs.com/36842799dc971e590276c5702f7f1842","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":378081692,"type":1,"supId":0,"prevId":0,"content":"Dk","text":"Dk","html":"Dk"},{"id":4093448,"gmtCreate":1619010108563,"gmtModify":1635514711719,"authorId":3556756933727652,"author":{"id":3556756933727652,"idStr":"3556756933727652","authorId":3556756933727652,"name":"458b6d98","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":378081692,"type":1,"supId":4093409,"prevId":0,"content":"Thanks for your response","text":"Thanks for your response","html":"Thanks for your response"}],"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":97,"commentSize":24,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}