How to Adapt to the Growth Investing Process

The Lord Abbott team looks for three things: innovators, operating momentum and price momentum. When you combine those three elements, that's where you can get some really big winners in your portfolio. We kind of have put stocks into one of four categories; secular, stable, defensive, cyclical. And like you said, we can't go to very high cash levels. But when we do see the market turning against our style, we do have places to hide with more stable, grower stores or garpy names.