Fundamental Growth
指出传统增长指数存在两个缺陷：一是用价格指标而非基本面指标（如销售、利润、研发支出增长）来定义增长股；二是按市值加权而非按增长指标加权会降低表现。建议改进指数构建方法。
Conventional growth indices suffer from two important shortcomings. First, stocks that are anti-value (very expensive) are not necessarily growth stocks. The decision to include a stock in a growth index should be based on fundamental growth measures, such as growth in sales, profits, or R&D spending, rather than price-based measures. Second, when these indices are weighted by objective measures of growth, rather than by market value, performance markedly improves. Overpaying for growth is unhelpful. We also assert that some stocks with poor growth prospects and unattractive valuations may have no place in either value or growth indices.