Spotting value traps in a growth market

The impact of disruptive technology is widely believed to impact returns in traditional industries and has made it exceptionally tricky for investors to identify the genuine value opportunities, from the value traps. 'Ignoring this is a mistake': Warning as growth vs value cycle set to 're-establish itself' The key is in being able to spot these traps. In our 30 years of investing we have had some useful learning experiences, including on structural change. Back in the early 1990s we had holdings in Sherwood Group, the textiles manufacturer, where we underestimated the impact of gl...