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to some viewers this may seem rudimentary but some people don't seem to have clarity on what are growth stocks what are value stocks and what's the difference and why is it important now this discussion is one that really goes back starting in the 1920s and has evolved over time but growth stocks are usually thought to be companies from whatever industry that have a basic capacity to grow at a materially above average rate in the long term you probably pay a fairly significant pricing premium for that future growth and you hope as you own them that they live up to the expectations that you've had of them value stocks by contrary are traditionally thought of as things that the market has overlooked and are selling too cheaply in relation to the core of what's there maybe they're relatively normal in terms of their growth qualities or even subnormal but the market thinks even less of them disregards them and you can buy them cheaply relative to what they're worth the function of that is that there is a time in history off and on irregularly for a very long time that we can measure where value stocks have done better and other times where growth stocks have done better and the reason that it matters is because these cycles can last three four five eight years and if you're in a category that's not doing well for a day a week a few months yeah you know that's easy to write out if you're in a category that is not doing well for years and years and years it just pulls on you and and in history often as people get out of these categories after years of performing poorly just before they start to perform well which is doubly frustrating the features of the stocks tend to vary i've written about this before talked about it for years and years growth stocks typically have what i call fat gross operating profit margins that is sales minus cost of goods sold is some place on the high side of 45 value stocks typically have smaller margins there with cost of goods sold uh sales minus cost of goods sold being you know some number like 10 to 30 percent there's a time when value does better a time when growth does better typically early in a stock market cycle off the bottom following a bear market value stocks tend to lead typically late in a bull market before it peaks growth stocks tend to lead in the middle more or less third of the duration of a bull market it tends to be a standoff and sometimes a little more this way sometimes a little more that way i've been of the view since the beginning of this new bull market in uh 2020 and march that this cycle is different in one way in that that bear market acted more like and therefore has caused the subsequent bull market to act more like a big oversized correction than a typical bear market that takes a long time and goes to a more conventional recession in this period i believe gross stocks from the bottom have led and irregularly are leading but you get periods now where it's a tug of war in 2021 was that with that tug of war going month to month and quarter to quarter and i think that'll probably continue but it's important to remember a if you want to diversify on some of both if you want to try to beat the market by a lot you have to pick one and the risk of picking one is that you're really wrong too the fact is a good notion to think through is kind of read media watch tv news programs and is there allowed consensus about what should be performing best now and that probably is exactly backwards you should probably want to think i'm a contrarian what everybody says you should do probably isn't what you should do right now so simply said value stocks cheap getting a bargain relative to the stuff they have in the here and now growth stocks looking toward the future and high growth there's a time for both it's risky to be kind of all one or all the other diversifying between the two of them makes you never 100 right never 100 percent wrong there's a time when value works usually early in a bull market there's a time when growth works usually late in the bull market and you just have to figure out where we are and what's best for you
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