People who consistently purchase companies that exhibit low price-to-earnings, low price-to-book, and high dividend yields are customarily called "value investors." People who claim to have identified value by selecting companies with above-average growth in earnings are called "growth investors." Typically, growth companies possess high price-to-earnings ratios and low dividend yields. These financial traits are exact opposite of what value investors look for in a company.
Investors who seek to purchase value often must choose between the "value" and "growth" approach to selecting stocks.
Buffett admits that years ago he participated inn this intellectual tug-of-war*. Today he thinks the debate between these two schools of thought is nonsense.
"Growth and value investing are joined at the hip", says Buffett.
*Comment: It is interesting to know that Buffett too had been through these intellectual debates and then formed his own conclusions.