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By Mike Liss - July 20, 2018
It's one of my favorite quotes from Warren Buffett, the world's most famous value investor: "Price is what you pay; value is what you get."
I'm not sure that it can get any more succinct (or accurate) when it comes to the "growth versus value" conversation, but here's my take: growth obviously has beaten down value in recent years, and irrationally in my estimation. So many good companies are being disregarded in favor of tech—the FAANG stocks (Facebook, Apple, Amazon, Netflix and Google), especially. Sure, I can understand the appeal: you can't beat the feeling of investing in something that seems to keep going up, up and up. But when do the earnings on those names get completely divorced from actual valuations? I don't know the answer to that, but I believe that will happen.
That's just one of the topics I cover in my latest quarterly video. Click play to see what I have to say about trade wars, rising interest rates and inflation.
The American Century® Small Cap Growth Fund pursues high growth through investments in smaller companies exhibiting both sustainable accelerating earnings growth and positive price momentum.
The American Century® Equity Income Fund seeks to deliver income, build capital and manage downside risk over time.
We believe the market’s focus on short-term results creates opportunities for long-term investors in ground-breaking companies like Tesla.
“Unprecedented” sounds cliché, but it’s still the best way to describe the current market and economic situation. What does that mean for value investing?
It’s too early for value investors to declare victory, but last quarter’s value rebound has Sr. PM Mike Liss optimistic about these opportunities.
Growth has obviously beaten down value in recent years. But when do earnings get completely divorced from actual valuations?
July 20, 2018
Investment return and principal value of security investments will fluctuate. The value at the time of redemption may be more or less than the original cost. Past performance is no guarantee of future results.
References to specific securities are for illustrative purposes only, and are not intended as recommendations to purchase or sell securities. Opinions and estimates offered constitute our judgment and, along with other portfolio data, are subject to change without notice.
The opinions expressed are those of American Century Investments (or the portfolio manager) and are no guarantee of the future performance of any American Century Investments' portfolio. This material has been prepared for educational purposes only. It is not intended to provide, and should not be relied upon for, investment, accounting, legal or tax advice.