Why High-Growth Companies Disappoint: Earnings Mean Reversion and the Value Premium (opens in new tab)

A large body of empirical research, premium (see “Forecasting Profitability and Earnings,” “Higgledy Piggledy Growth,” “Returns to E/P Strategies, Higgledy-Piggledy Growth, Analysts’ Forecast Errors, and Omitted Risk Factors,” and “Persistence of Growth