{"id":10495,"date":"2020-11-20T22:00:28","date_gmt":"2020-11-21T03:00:28","guid":{"rendered":"https:\/\/lbastaging.6.webint.ca\/publications\/the-illustrious-history-of-growth-through-value-investing-webinar\/"},"modified":"2026-11-05T01:10:19","modified_gmt":"2026-11-05T06:10:19","slug":"the-illustrious-history-of-growth-through-value-investing-webinar","status":"publish","type":"publications","link":"https:\/\/www.lba.ca\/us\/publications\/the-illustrious-history-of-growth-through-value-investing-webinar\/","title":{"rendered":"The Illustrious History of Growth Through Value Investing &#8211; Webinar"},"content":{"rendered":"<div id=\"et_builder_outer_content\" class=\"et_builder_outer_content\">\n<div class=\"et-l et-l--post\">\n<div class=\"et_builder_inner_content et_pb_gutters3\">\n<div class=\"et_pb_section et_pb_section_0 et_pb_fullwidth_section et_section_regular et_section_transparent\">\n<section class=\"et_pb_module et_pb_fullwidth_header et_pb_fullwidth_header_0 et_pb_text_align_left et_pb_bg_layout_dark\">\n<div class=\"et_pb_fullwidth_header_container left\">\n<div class=\"header-content-container center\">\n<div class=\"header-content\">\n<div class=\"et_pb_header_content_wrapper\">\n<h1>The Illustrious History of Growth<br \/>Through Value Investing<\/h1>\n<\/div><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"et_pb_fullwidth_header_overlay\"><\/div>\n<div class=\"et_pb_fullwidth_header_scroll\"><\/div>\n<\/section><\/div>\n<div class=\"et_pb_section et_pb_section_1 et_section_regular et_section_transparent\">\n<div class=\"et_pb_row et_pb_row_0\">\n<div class=\"et_pb_column et_pb_column_4_4 et_pb_column_0  et_pb_css_mix_blend_mode_passthrough et-last-child\">\n<div class=\"et_pb_module et_pb_code et_pb_code_0\">\n<div class=\"et_pb_code_inner\"><script src=\"https:\/\/fast.wistia.com\/embed\/medias\/s9bfie7zn8.jsonp\" async><\/script><script src=\"https:\/\/fast.wistia.com\/assets\/external\/E-v1.js\" async><\/script><\/p>\n<div class=\"wistia_responsive_padding\" style=\"padding:56.25% 0 0 0;position:relative;\">\n<div class=\"wistia_responsive_wrapper\" style=\"height:100%;left:0;position:absolute;top:0;width:100%;\">\n<div class=\"wistia_embed wistia_async_s9bfie7zn8 videoFoam=true\" style=\"height:100%;position:relative;width:100%\">\n<div class=\"wistia_swatch\" style=\"height:100%;left:0;opacity:0;overflow:hidden;position:absolute;top:0;transition:opacity 200ms;width:100%;\"><img decoding=\"async\" src=\"https:\/\/www.lba.ca\/wp-content\/uploads\/2025\/09\/swatch-16.jpeg\" style=\"filter:blur(5px);height:100%;object-fit:contain;width:100%;\" alt=\"\" aria-hidden=\"true\" onload=\"this.parentNode.style.opacity=1;\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n<div class=\"et_pb_module et_pb_text et_pb_text_0  et_pb_text_align_left et_pb_bg_layout_light\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"et_pb_with_border et_pb_row et_pb_row_1\">\n<div class=\"et_pb_column et_pb_column_4_4 et_pb_column_1  et_pb_css_mix_blend_mode_passthrough et-last-child\">\n<div class=\"et_pb_module et_pb_text et_pb_text_1  et_pb_text_align_justified et_pb_bg_layout_light\">\n<div class=\"et_pb_text_inner\">\n<div class=\"row\">\n<div class=\"col-md-6\" style=\"padding-left: 15px; padding-right: 15px;\">\n<p>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.<\/p>\n<p>\u00a0<\/p>\n<\/div>\n<div class=\"col-md-6\" style=\"padding-left: 15px; padding-right: 15px;\">\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignleft size-medium wp-image-4002\" style=\"float: left !important; margin-right: 10px;\" src=\"https:\/\/www.lba.ca\/wp-content\/uploads\/2025\/09\/Joel-Kaczor-200x300-1.jpg\" alt=\"\" width=\"200\" height=\"300\"><\/p>\n<h3>Jo\u00ebl Kaczor<\/h3>\n<p>SENIOR PORTFOLIO MANAGER, PARTNER<\/p>\n<p><small style=\"font-size: 13px; line-height: 14px;\">Mr. Kaczor is a graduate of HEC Montr\u00e9al (M.Sc., Finance) and the Universit\u00e9 de Montreal (B.Sc., Economics and Political Science), and is also a CFA\u00ae charterholder. Prior to joining the firm in 2010, he was a member of the government and corporate finance team at Casgrain &amp; Company Ltd.<\/small><\/p>\n<\/div>\n<\/div>\n<\/div><\/div>\n<div class=\"et_pb_module et_pb_toggle et_pb_toggle_0 et_pb_toggle_item  et_pb_toggle_close\">\n<h5 class=\"et_pb_toggle_title\">Legal notes<\/h5>\n<div class=\"et_pb_toggle_content clearfix\">\n<div class=\"disclaimer-chart\">\n<p>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.\u00a0Any 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.\u00a0While the information presented herein is believed to be accurate at the time it is prepared, Letko, Brosseau &amp; Associates Inc. cannot give any assurance that it is accurate, complete and current at all times.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor\u2019s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information.<\/p>\n<p>This presentation may contain certain forward-looking statements which reflect our current expectations or forecasts of future events concerning the economy, market changes and trends. Forward-looking statements are inherently subject to, among other things, risks, uncertainties and assumptions regarding currencies, economic growth, current and expected conditions, and other factors that are believed to be appropriate in the circumstances which could cause actual events, results, performance or prospects to differ materially from those expressed in, or implied by, these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.<\/p>\n<p>The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an \u201cas is\u201d basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the \u201cMSCI parties\u201d) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).<\/p>\n<\/div>\n<\/div><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>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<\/p>\n","protected":false},"author":1,"featured_media":0,"template":"","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","footnotes":""},"post-category":[154],"investment-stategy":[],"media-type":[131],"publication_type":[62],"suited-for":[126,127],"topic":[],"class_list":["post-10495","publications","type-publications","status-publish","hentry"],"acf":[],"taxonomy_info":[],"featured_image_src_large":false,"author_info":{"display_name":"swpadmin","author_link":"https:\/\/www.lba.ca\/us\/author\/swpadmin\/"},"comment_info":"","_links":{"self":[{"href":"https:\/\/www.lba.ca\/us\/wp-json\/wp\/v2\/publications\/10495","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lba.ca\/us\/wp-json\/wp\/v2\/publications"}],"about":[{"href":"https:\/\/www.lba.ca\/us\/wp-json\/wp\/v2\/types\/publications"}],"author":[{"embeddable":true,"href":"https:\/\/www.lba.ca\/us\/wp-json\/wp\/v2\/users\/1"}],"version-history":[{"count":1,"href":"https:\/\/www.lba.ca\/us\/wp-json\/wp\/v2\/publications\/10495\/revisions"}],"predecessor-version":[{"id":10496,"href":"https:\/\/www.lba.ca\/us\/wp-json\/wp\/v2\/publications\/10495\/revisions\/10496"}],"wp:attachment":[{"href":"https:\/\/www.lba.ca\/us\/wp-json\/wp\/v2\/media?parent=10495"}],"wp:term":[{"taxonomy":"post-category","embeddable":true,"href":"https:\/\/www.lba.ca\/us\/wp-json\/wp\/v2\/post-category?post=10495"},{"taxonomy":"investment-stategy","embeddable":true,"href":"https:\/\/www.lba.ca\/us\/wp-json\/wp\/v2\/investment-stategy?post=10495"},{"taxonomy":"media-type","embeddable":true,"href":"https:\/\/www.lba.ca\/us\/wp-json\/wp\/v2\/media-type?post=10495"},{"taxonomy":"publication_type","embeddable":true,"href":"https:\/\/www.lba.ca\/us\/wp-json\/wp\/v2\/publication_type?post=10495"},{"taxonomy":"suited-for","embeddable":true,"href":"https:\/\/www.lba.ca\/us\/wp-json\/wp\/v2\/suited-for?post=10495"},{"taxonomy":"topic","embeddable":true,"href":"https:\/\/www.lba.ca\/us\/wp-json\/wp\/v2\/topic?post=10495"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}