David Clark is investment manager (UK) for Resolution Investment Services
Everyone likes growth. Even those who profess a preference for value like growth. What people do not like about growth is the price we are all too frequently asked to pay for it. A couple of years ago someone coined the term GARP meaning 'growth at a reasonable price' and fund managers of all shapes and sizes ran around looking for stocks which fit this all too woolly acronym. Pretty soon valuations had risen as demand for these types of stocks grew and soon GARP stocks were being touted as 'growth at a ridiculous price!' All very amusing and instructive, but what has it to do with the ...
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