Investment strategy that seeks stocks (shares) with superior earnings growth prospect, irrespective of their prices. Such stocks tend to have low dividend yields, less downside protection, higher volatility, and higher sensitivity to changes in interest rates than low growth shares. Firms with shares that trade at high valuation levels usually have high price-to-book (PB), price-to-earnings (PE), and price-to-sales (PS) ratios. See also value investing.