1/ Little thread on "growth" investing: first of all, as demonstrated here, growth is good, but only at a reasonable price; the less expensive "Nifty Fifty" stocks fared better than the more expensive ones
2/ As @HowardMarksBook wrote in 2001, historically, very few expensive growth stocks grow earnings at a rate to justify their lofty multiples oaktreecapital.com/docs/default-s… 
3/ Though it's older, I've always liked this Bill Bernstein post (with a shout to @CliffordAsness) on how quickly earnings decays sets in for most growth stocks efficientfrontier.com/ef/401.pdf
