10. Growth and value can be defined in several ways. Growth usually conveys the idea of a portfolio emphasizing or including only issues believed to possess above-average future rates of per-share earnings growth. Low current yield, high price-to-book ratios, and high price-to-earnings ratios are typical characteristics of such portfolios. Value usually conveys the idea of portfolios emphasizing or including only issues currently showing low price-to-book ratios, low priceto-earnings ratios, above-average levels of dividend yield, and market prices believed to be below the issues' intrinsic values. a. Identify and provide reasons that, over an extended period of time, value-stock investing might outperform growth-stock investing. b. Explain why the outcome suggested in (a) should not be possible in a market widely regarded as being highly efficient. 10. Growth and value can be defined in several ways. Growth usually conveys the idea of a portfolio emphasizing or including only issues believed to possess above-average future rates of per-share earnings growth. Low current yield, high price-to-book ratios, and high price-to-earnings ratios are typical characteristics of such portfolios. Value usually conveys the idea of portfolios emphasizing or including only issues currently showing low price-to-book ratios, low priceto-earnings ratios, above-average levels of dividend yield, and market prices believed to be below the issues' intrinsic values. a. Identify and provide reasons that, over an extended period of time, value-stock investing might outperform growth-stock investing. b. Explain why the outcome suggested in (a) should not be possible in a market widely regarded as being highly efficient