Investors since 2007 have shown a marked preference for companies with strong and stable top-line growth. But now these stocks are on a significant premium to the market. Companies with high sales growth have attracted premium valuations, a function of the high level of risk aversion and perhaps because there have been so few companies outside technology able to produce reliable top-line growth. The risk premium, however, has started to come down. This chart was a reminder that there have been very long periods where growth equity has not has the spectacular run its had over the past 13 years.