What is the grammatically correct way to say the following sentence?
"I have come away with a new found respect for the author..."
"I have come away with a newly found respect for the author..."
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I think both are grammatically correct but that "newfound" has simply become far more popular than "newly found". I'd even go so far as to say that "newly found" sounds somewhat strange to the modern ear. Consider the Ngram below, which clearly shows that "newfound" has all but replaced "newly found" in contemporary English.
It's "newfound" - one word. I believe this is the correct term in this case, as "newfound" is an adjective and "newly" is an adverb. Perhaps others know better, though. SE is flagging "newfound" as misspelled, so let's see what others have to say. FWIW, dictionary.com does list "newfound" as "newly found or discovered: newfound friends." :)
The words "newfound" and "newly found" are not quite synonyms. Or at least, they're usually used for different classes of nouns. Checking Google hits, choosing two random pages (19 & 28), and eliminating proper nouns, 9 out of the first 12 hits for "newfound" were emotions, abilities, or abstract ideas, whereas 11 of the first 12 hits for "newly found" were actual physical objects. The examples are below. So going by these examples, "respect" should be "newfound".
See this Google Ngram for more evidence of this distinction (it's newly found species but newfound feelings). The physical/abstract distinction isn't quite right, because newfound friends is more frequent than newly found friends, although not as much so as something like respect.
newfound urban calm
newfound film star
newfound red galaxies
newfound alien planet
newly found Rosa Parks essay
newly found ocean floor rare earths
newly found trend
newly found Star Wars footage
newly found orbiting companion [of a planet] newly found meteorite
newly found alien planet
newly found elderly diabetic subjects
newly found codices
newly found Picasso paintings
newly found treasures
newly found crack across the Pine Island glacier.