{"id":111727,"date":"2023-08-29T09:59:00","date_gmt":"2023-08-29T13:59:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=111727"},"modified":"2023-08-31T15:36:48","modified_gmt":"2023-08-31T19:36:48","slug":"value-investing-vs-growth-investing","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/value-investing-vs-growth-investing\/","title":{"rendered":"Value Investing vs. Growth Investing: Which Is Superior?"},"content":{"rendered":"\n

What’s the difference between value investing and growth investing? Which one’s the better investment strategy?<\/p>\n\n\n\n

In his book The Most Important Thing<\/em>, Howard Marks claims that growth investing doesn’t provide the same benefits as value investing. This is because value investing yields superior returns, whereas growth investing doesn’t get the same result as often.<\/p>\n\n\n\n

Continue reading for a deep dive into value investing vs. growth investing.<\/p>\n\n\n\n\n\n\n\n

The Differences Between Value Investing and Growth Investing<\/strong><\/h2>\n\n\n\n

Marks explains value investing vs. growth investing by looking at their securities\u2019 fundamentals<\/em>\u2014that is, information that reflects the financial health of a security, such as revenue, cash flow, and profit margins. He argues that value investing is superior to growth investing because it yields more consistent and dependable returns. <\/strong><\/p>\n\n\n\n

(Shortform note: Although Marks applies value investing more broadly to all <\/em>securities\u2014not just stocks\u2014experts traditionally discuss value investing in the context of stock market investing alone<\/a>. That is, they focus on purchasing stocks<\/em> that are underpriced relative to their intrinsic value, rather than (say) purchasing underpriced corporate bonds.)<\/p>\n\n\n\n

To understand growth and value investing, however, we first need to understand the notion of intrinsic value<\/em>. At its core, intrinsic value refers to the fair value of a security, assuming all relevant information was factored into its price. For example, if extreme pessimism led investors to excessively sell Amazon stock at the beginning of 2023, then Amazon\u2019s share price of $85.46<\/a> might have been lower than its intrinsic value per share.<\/p>\n\n\n\n

(Shortform note: Though Marks emphasizes the importance of intrinsic value, he doesn\u2019t specify what intrinsic value is<\/em>. To that end, Robert Hagstrom\u2019s explanation of intrinsic value in The Warren Buffett Way<\/em><\/a> <\/em>is useful. Hagstrom clarifies that a company\u2019s intrinsic value is its expected net income over its lifetime<\/a>, deducted by an appropriate discount rate. In other words, intrinsic value is the amount a company will profit over its lifetime in today\u2019s<\/em> dollars.)<\/p>\n\n\n\n

Marks notes that value and growth investors agree that over the long term, securities\u2019 prices roughly match their intrinsic value. However, this agreement yields different conclusions. On one hand, value investors seek out underpriced securities\u2014those whose price is below their intrinsic value\u2014reasoning that, as the market corrects this disparity, these securities will increase in price. On the other hand, growth investors seek securities whose intrinsic value has high growth potential\u2014even if these securities aren\u2019t currently <\/em>underpriced\u2014reasoning that, as their intrinsic value increases over time, so too will their trading price. <\/p>\n\n\n\n

But Marks contends that it\u2019s much more difficult to assess long-term potential than present value. Moreover, he writes that unless you\u2019re superior to the market at identifying potential, it\u2019s likely that this potential is already<\/em> factored into the security\u2019s price. For example, Tesla\u2019s stock price at the beginning of 2020\u2014$28.30 per share<\/a>\u2014likely reflected not only Tesla\u2019s business fundamentals, but also its potential for explosive growth. In turn, he concludes that value investing generates more consistent\u2014and less speculative\u2014returns than growth investing, making it preferable for investors. <\/p>\n\n\n\n

(Shortform note: Although Marks presents value and growth investing as if they\u2019re mutually exclusive, some investing strategies<\/a> aim to consolidate them into a single approach. In particular, a strategy known as \u201cgrowth at a reasonable price,\u201d or GARP, seeks out companies with outsized earnings potential that nonetheless appear undervalued<\/a>. By investing in these companies, GARP investors purportedly enjoy the consistency of value investing and the exponential returns of growth investing.)<\/p>\n\n\n\n

Value Investing and the Efficient Market Hypothesis<\/h3>\n\n\n\n

Marks admits that value investing requires securities\u2019 prices to occasionally differ from their intrinsic value. But, according to many academic theorists, this market disparity between prices and intrinsic value is rare\u2014or even nonexistent. Many theorists embrace the Efficient Market Hypothesis<\/a> (EMH), which states that market prices <\/em>always accurately reflect securities\u2019 intrinsic value because all relevant information about securities is baked into their price. Marks, however, cites discrepancies between market price and value to argue that the<\/strong> EMH is mistaken, making value investing possible.<\/strong><\/p>\n\n\n\n

For the clearest discrepancy between market price and value, Marks points to Yahoo\u2019s share price in the 16 months between January 2000 and April 2001. At first, in January of 2000, Yahoo\u2019s share price was $237, whereas 16 months later, its share price was $11. According to Marks, it\u2019s implausible that Yahoo\u2019s intrinsic value dropped by over 95% in that time span\u2014rather, he maintains that the market must have mispriced its stock at least once, meaning the EMH must be false.<\/p>\n\n\n\n

(Shortform note: Yahoo\u2019s collapse was the byproduct of the 2000 dot-com bubble<\/a> bursting, in which technology stocks dropped sharply in value<\/a>, leaving many internet start-ups financially devastated. Experts explain that, because such a large portion of Yahoo\u2019s revenue stemmed from advertising for these internet companies<\/a>, its revenue plummeted when these companies no longer had the funds to advertise on Yahoo\u2019s platform.)<\/p>\n","protected":false},"excerpt":{"rendered":"

What’s the difference between value investing and growth investing? Which one’s the better investment strategy? In his book The Most Important Thing, Howard Marks claims that growth investing doesn’t provide the same benefits as value investing. This is because value investing yields superior returns, whereas growth investing doesn’t get the same result as often. Continue reading for a deep dive into value investing vs. growth investing.<\/p>\n","protected":false},"author":14,"featured_media":73122,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[81],"tags":[1250],"class_list":["post-111727","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics","tag-the-most-important-thing","","tg-column-two"],"yoast_head":"\nValue Investing vs. Growth Investing: Which Is Superior? - Shortform Books<\/title>\n<meta name=\"description\" content=\"If you're struggling to choose between value investing vs. growth investing, you need to find out which one yields better returns. 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