It's truly incredible what a difference a year can make on Wall Street. In 2022, the growth-fueled Nasdaq Composite (NASDAQINDEX: ^IXIC) shed 33% of its value during a bear market. But in 2023, growth stocks came back with a vengeance and lifted the Nasdaq Composite to a gain of 43%.

Despite this monumental rally for the Nasdaq, it remains approximately 7% below its record high, which was set more than two years ago. While short-term traders are liable to view a nearly 7% drop over a 26-month stretch as a disappointment, long-term-minded investors are wisely seeing this decline as an opportunity to establish or add to positions in high-quality growth stocks at a perceived discount.

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Source Fool.com