Growth stock fundamentals can remain solid while price languishes. This is because valuations reach a certain richness where institutions draw the line and no longer add to positions or trim positions. I first learned this in ’93 with Home Depot (HD). I owned the stock in ‘91/’92 when earnings growth was roughly 30%. During ’93-’96, the stock lagged despite earnings growth maintaining at about 30% or perhaps 25%. This is an example of why a long-term, buy-and-hold strategy does not work well with growth stocks.