Growth Still Cheap Compared To Value Despite Tech Rally: Jefferies

At the beginning of June, the Financial Times published a damning assessment of value’s performance in 2017. The newspaper noted that the top ten performing stocks of the S&P 500, most of which are in the tech industry, accounted for almost half the S&P 500’s to-date gain of 7.7%. In contrast, the S&P 500 value index had only eked out a 2% gain for the year to the date of publication. Put simply, during the first six months of 2017; growth stocks smashed value.  Despite this outperformance, analysts at Jefferies believe that growth stocks earnings growth will lead to outsized…