We could be at a pivotal point in the growth/value cycle

Growth stocks have been on an extraordinary run as central banks have inflated markets. But as economies shift from recession to growth, value will win out, says Merryn Somerset Webb.

Planes at the Southern California Logistics Airport © 
US airline stocks have risen 30% since Warren Buffett said he was selling all his. © Getty
(Image credit: Planes at the Southern California Logistics Airport © )

At the end of 2017 I wrote about the unusual-looking value on offer from our domestic stockmarket. Thanks to a mix of Brexit- and Corbyn-related hysteria, British equities were among the cheapest in the world.

I like cheap. So I suggested you take a look. I quoted Neil Woodford on the matter and suggested various domestic and value-orientated funds you could buy in the hope that the market began to agree. None have exactly covered me in glory since. Temple Bar, for instance, which I suggested and still hold myself, is down 30% in the past three years.

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Merryn Somerset Webb

Merryn Somerset Webb started her career in Tokyo at public broadcaster NHK before becoming a Japanese equity broker at what was then Warburgs. She went on to work at SBC and UBS without moving from her desk in Kamiyacho (it was the age of mergers).

After five years in Japan she returned to work in the UK at Paribas. This soon became BNP Paribas. Again, no desk move was required. On leaving the City, Merryn helped The Week magazine with its City pages before becoming the launch editor of MoneyWeek in 2000 and taking on columns first in the Sunday Times and then in 2009 in the Financial Times

Twenty years on, MoneyWeek is the best-selling financial magazine in the UK. Merryn was its Editor in Chief until 2022. She is now a senior columnist at Bloomberg and host of the Merryn Talks Money podcast -  but still writes for Moneyweek monthly. 

Merryn is also is a non executive director of two investment trusts – BlackRock Throgmorton, and the Murray Income Investment Trust.