The incredible returns in financial markets since COVID have largely accrued to the most speculative assets: meme stocks, cryptocurrencies, NFTs, and non-profitable innovation stocks. Value stocks, in contrast, have only just started to emerge from the shadow of their more glamorous Growth counterparts. With broad market valuations at highs not seen since the Dotcom bubble, and the imminent tapering of emergency level central bank support, will investing in cheap, profitable companies become fashionable again in 2022 and beyond?
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