Bruce Berkowitz has described value investing as "emotional arbitrage". I'd expand that to say value investing is "emotional and cognitive bias arbitrage." I think there are two types of growth investing: 1/ momentum/greater-fool trading, and 2/ value investing with pathological patience in future cash flows. (Alternatively, it may also be an expression of hubris that makes people overconfident in their ability to estimate what much more uncertain future cash flows will look like.)