Capital Markets Winter 2021
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Where to Invest? Road to Recovery
• Growth stocks with cyclical/depressed end market exposure are attractive, in our view
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‒ Many investors use “Value” stocks as a shorthand for cyclicals, but we believe “Value” has structural problems (see Style Wars section at end of this presentation) ‒ Several key value industries may also be negatively impacted by new behavior, such as changes in business travel and office space, arising from the pandemic
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III
IV
Sweet Spot
Cyclical
Growth
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VI
Source: Alger.
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