"There is a significant downside to paying up for growth or, worse, to obsessing over it. Graham and Dodd astutely observed that “analysis is concerned primarily with values which are supported by the facts and not with those which depend largely upon expectations.” (p. 86) Strongly preferring the actual to the possible, they regarded the “future as a hazard which his [the analyst’s] conclusions must encounter rather than as the source of his vindication.” (p. 86) Investors should be especially vigilant against focusing on growth to the exclusion of all else, including the risk of overpaying. Again, Graham and Dodd were spot on, warning that “carried to its logical extreme, . . . [there is no price] too high for a good stock, and that such an issue was equally ‘safe’ after it had advanced to 200 as it had been at 25.” (p. 105) Precisely this mistake was made when stock prices surged skyward during the Nifty Fifty era of the early 1970s and the dot-com bubble of 1999 to 2000. The flaw in such a growth-at-any-price approach becomes obvious when the anticipated growth fails to materialize. WHEN THE FUTURE DISAPPOINTS, WHAT SHOULD INVESTORS DO? Hope growth resumes? Or give up and sell? Indeed, FAILED GROWTH STOCKS ARE OFTEN SO AGGRESSIVELY DUMPED BY DISAPPOINTED HOLDERS that their price falls to levels at which value investors, who stubbornly pay little or nothing for growth characteristics, become major holders."