Thank you for the article Nic. Very interesting indeed. A couple of questions.

- Same as Pretty above, how do you define value stocks?
- For the returns on the different strategies, how is this calculated. Is it from a buy/hold stand point or would you buy at a low PEG and then sell it off at a higher valuation.
- Why would valuations on growth stocks tend to be lower than the rest of the universe of stocks? Which is surprising to me. All the growth stocks in my radar have very high valuations.