Yes, Fung C.F., but the words "value" and "growth" in this context are mutually exclusive. That's not to say you can't identify a company that you think is a good "value" and also has good "growth" prospects: it's simply to say that when we talk about research showing that value stocks outperform growth stocks (or that they don't, in recent history), we're using those two terms in carefully defined ways, and it's not possible for a company to be both "value" and "growth" in that context. Basically, we talk about value stocks outperforming growth stocks simply because it's awkward to say that stocks with high ratios of book value to market value outperform stock with low ratios of book value to market value.