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The value vs. growth dichotomy is structurally incorrect.

Growth is a variable within the calculation of value - not a separate category. Growth can create or destroy value depending entirely on whether returns on invested capital exceed the cost of capital.

Fama-French got the labels wrong. The Consilient Investor Issue 03 explains why.

Invert the Model, Decode the Price | The Consilient Investor 03
Apr 2
at
11:13 AM
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