I am not sure how much these observations are still valid in far more tightly couple global economy. True value stocks that returned well were merely growing firms selling cheap for some localized concerns. But the so called value stocks of today are more like paydirts where cash flow is high but the survivability of business in the long term is doubtful. Some exceptions are perhaps stocks like AAPL or GOOG that are selling at much smaller P/E than what their growth or balance sheets would normally suggest. There is no doubt that with any negative change in business at some point the price stands to implode but can we say this about many stocks?Anurag
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