" The expected greater rise in the price of the lower-yield stock follows from the fact that the industry is more dynamic, the expectation being that the future rise in earnings of the company will be more rapid; or the dividend pay-out (the percentage of earnings paid in dividends) has been so low that a large increase in dividends may be expected, whereas the dividend pay-out in a high-yielding stock has been so high that the present rate is regarded as a maximum for the foreseeable future. The market may alter its valuation of earnings. In other words, because an industry or a company is more favorably regarded, each dollar of earnings may now bring a larger price than formerly. If an investment management is successful in anticipating such changes, the advantages of growth may be obtained without any actual growth in earnings having taken place. Recently, it has been preferable to own "growth" rather than "income" funds.

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