Why are Growth stocks characterized by high P/E ratios and Value stocks by lower P/E ratios ? Would love a detailed explanation on this. Thanks in advance. 
CFA Level 1 book?
High p/e implies expectations of earnings growth. Value stocks are characterized by a price for the stock that would insinuate a lower expected growth. What more do you want to know? 20x p/e implies you would get a 5% return (of current price to ltm earnings), 10x p/e implies you’d get a 10% return, 50x implies you’d get a 2% return. Those differently levels account for different expectations of future earnings power, discounted to the present.