The Illustrious History of Growth
Through Value Investing

We believe that the outperformance of growth stocks relative to value in the past decade is an anomaly, such as it was in the 30s and 90s. Profitability of value stocks will recover as the economy recovers, interest rates will rise, relative valuations will fall, and the historical relationships will be re-established.

 

Joël Kaczor

SENIOR PORTFOLIO MANAGER, PARTNER

Mr. Kaczor is a graduate of HEC Montréal (M.Sc., Finance) and the Université de Montreal (B.Sc., Economics and Political Science), and is also a CFA® charterholder. Prior to joining the firm in 2010, he was a member of the government and corporate finance team at Casgrain & Company Ltd.

The information and opinions expressed herein are provided for informational purposes only, are subject to change and are not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. Any companies mentioned herein are for illustrative purposes only and are not considered to be a recommendation to buy or sell. It should not be assumed that an investment in these companies was or would be profitable. Unless otherwise indicated, information included herein is presented as of the dates indicated. While the information presented herein is believed to be accurate at the time it is prepared, Letko, Brosseau & Associates Inc. cannot give any assurance that it is accurate, complete and current at all times. 

Where the information contained in this presentation has been obtained or derived from third-party sources, the information is from sources believed to be reliable, but the firm has not independently verified such information. No representation or warranty is provided in relation to the accuracy, correctness, completeness or reliability of such information. Any opinions or estimates contained herein constitute our judgment as of this date and are subject to change without notice.

Past performance is not a guarantee of future returns. All investments pose the risk of loss and there is no guarantee that any of the benefits expressed herein will be achieved or realized.

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