At a time like the present, when investors are avidly seeking opportunities for appreciation,
it is appropriate to consider the difficulties of appraising growth stocks. There
is little doubt that when other things are equal the forward-looking investor will
prefer stocks with growth potential to those without. But other things rarely are
equal - particularly in a sophisticated market that is extremely sensitive to growth.
When the growth potential of a stock becomes widely recognized, its price is expected
to react favorably and to advance far ahead of stocks lacking growth appeal, so that
its price-earnings ratio and dividend yield fall out of line according to conventional
standards. Then the choice between growth and lack of growth is no longer obvious,
and the astute investors must ask whether the market price correctly discounts the
Материалы статьи используются в книге Брейли и Майерса "Принципы корпоративных финансов"