The article states that, in 2009, growth stocks were trading at valuations similar to value stocks. I think a value investor would say they were better value for the money at that time, and were actually the value stocks . As a value investor, I don’t use the definitions of growth and value stocks used to define these types of indexes. I hesitate to provide the oft-repeated quote of Warren Buffett to the readers of the CFA blog; but perhaps it will be of benefit to some newcomers, so here goes: “Growth and value are two sides of the same coin.” Buffett also said something to like growth and value are joined at the hip.