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1、OCTOBER2015Whyit’sstillaworldof‘groworgo’YuvalAtsmonandSvenSmitInachallengingenvironment,growthmattersmorethanever.Growthismagic.ItmakesiteasierSurvivalratestofundnewinvestments,attractgreattalent,andacquireassets.ButtheHealthygrowthboostscorporatesurviv
2、alenvironmentforgrowthhasbeendifficultrates,whichwastruein2008andsince2008,andwhiletherearesignsremainstrueintheUnitedStatesandinthattheGreatRecessionisatlastreced-otherdevelopedmarkets.From1983ing,significantchallengesremain.to2013,forinstance,roughly60
3、percentReal-GDPgrowthintheUnitedStatesofthenonfinancialcompaniestheninremainsbelowhistoricalaverages;theS&P500wereacquired—it’sgrowortheeconomiesofmostEuropeancoun-go,andtheyhavegone.Considerthesetriesarestillsluggish;andgrowthinfindingsoverthatperiod:em
4、ergingmarkets,particularlytheBRICScountries—Brazil,Russia,India,China,•Sixtyofthe78S&P500companiesandSouthAfrica—isslowingdown.thatgeneratedtop-linegrowthandimprovedoratleastmaintainedtheirFormorethanadecade,we’vebeenmarginsoutperformedtheS&P500.building
5、andminingaglobal-growthdatabasecontaininghundredsofthe•CompanieswithdeterioratingmarginslargestUSandEuropeancompanies.performedlesswell,eveniftheseRecently,we’vebeenrevisitingsomecompaniesweregrowing;just8outofofthecoreanalysesinthe2008book,30outperforme
6、dtheindex.TheGranularityofGrowth,1toseeifthechallengingenvironmentofrecent•Ahigherpercentage(56percent)yearshasshiftedthepictureoffun-ofcompaniesthatgrewslowly,butdamentalswepaintedbeforethefinancialalsoaggressivelydistributedcashcrisis.Theanswerisno,tho
7、ughthetoshareholders,outperformedtheeconomiccontextarguablyhasS&P500.increasedtheimportanceofaneffectivegrowthstrategy.2Q42015GroworgoExhibit1of2Exhibit1Notallgrowthopportunitiesarecreatedequal,butgrowthisstillacriticaldriverofperformance.NumberofS&P500c
8、ompanies,119832013267S&P500,CAGR3=10.3%1983201378573026OutperformedtheS&P500Acquired2GrowingwithLowgrowth,GrowingwithLowgrowth,steadyorwithhighdeclininglowcapitalimprovingcash-flowmarginsorreturnsmarginsdistributionlowROIC3
