Growth to value, and back via quality

Growth to value, and back via quality

The disruptive innovation of the 1960s was fast food. McDonald’s, the burger chain, was growing 20% ​​to 25% a year. Its stock multiple rose to around 70 times earnings. Then something happened. “Inflation broke out,” says Josh Jones, a portfolio manager with value investor Boston Partners. “Central banks had to fight inflation.” McDonald’s continued to … Read more