Editorial companion

What stands out

On The Claman Countdown, Zachary Hill, head of portfolio management at Horizon, argued the market is rewarding growth even as parts of the investment outlook look, in his words, hairier than usual. That matters because when investors hand a valuation premium to growth, they stop demanding the old proof points, steady cash flow and margin durability, and instead pay for narrative and momentum. Hill’s parsing of where opportunity still exists is a practical nudge to separate durable, repeatable expansion from short-lived excitement.