Equity Portfolio Management (On Page 138, Book 3 of Schweser 138, themselves, stocks, expect, growth

NakedPuts

about Value Investing;
Schweser says;
justification for a value strategy;
value investors argue that growth investors expose themselves to the risk
that earnings and price multiples will CONTRACT for high-priced growth stocks.
what’s this “CONTRACT” mean?
growth investors expect stock prices will rise to the point P/E of growth stocks,
but this expectations is not valid for value investors(very risky)??
my understanding is right??
anyone help me..
thanks.