I spend a great deal of time pondering different investment styles. Whenever I meet people with well-informed views on the market and experience in executing them, I love unpacking the way they think about growth vs value.The distinction between these styles has become harder to pin down than you may think.Many would consider Facebook and Alibaba to be in the value stock bucket after both have fallen out of mainstream favour. Transaction Capital has made it into growth stock territory in my books, despite having a far more traditional business model than either Facebook or Alibaba.Identifying deep-value investing is easy, at least — this is the art of buying extremely undervalued (and often hated) companies and waiting for them to dig themselves, at least partially, out of the dustbin. These are often acquired at deep discounts to NAV, and the rewards can be significant.Sadly, so-called "value traps" have the potential to go sideways or to drop even further. If something can trade ...

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