The equity bull market celebrated its ninth anniversary in early March. In those nine years, global equities have endured many challenges, but have continued to climb as economic and financial fundamentals improve. Growth stocks have been the largest beneficiary, solidly outpacing value stocks over the past 10 years. However, as valuations rise and the bull market extends longer than average, could returns between growth and value stocks narrow? Rolling 10-year returns for stocks in the MSCI World Growth Index have been well above average for the past several years. It may be difficult for growth companies to maintain this advantage over time, especially with growth stocks priced at around 24 times earnings. Although longer term returns for growth and value companies are uncertain moving forward, a flexible approach to investing may help investors achieve long-term goals, no matter the market environment.