A company is available at 5x earnings and is growing earnings @ +30%. Because it's priced cheap it can be called a value stock (you get more value than the price you pay). It's also a growth stock because very few companies are growing earnings @ 30%. Again, it wouldn't be 'value' if its growing @ 5%. You are paying more and getting less value in return. It's not that a value investor is screening only for low PB or low PE stocks. It's only one part of the equation. Neither that a growth investor is looking only for high growth in earnings stocks. The term 'value' is meaningful and completes the proper meaning of long term investing.