Russ Kinnel: Hi, I'm Russ Kinnel, director of manager research with Morningstar, here to share three quick thoughts about the conference as we're just about ready to wrap up.
My first one, David Giroux of T. Rowe Price Capital Appreciation shared a very nice summary of the markets the last 10 years, in which growth has been great, value has been left out in the cold, and as he explained it, you have a large chunk of the S&P 500 just facing tremendous secular challenges. There's a very good reason why growth is killing value, because reversion of the mean is not working for a lot of value industries. That's a classic value technique: You buy a retailer or another cyclical stock that's down on its luck and figure things will turn around. Historically, that's how it worked. But, of course, if Amazon or Google is eating your lunch, that's not how it's working today, and that money just might not be coming back. I thought it was a really nice summary.