I agree with Jason, both in appreciating your discussion, and in his thoughts about value vs. growth.

Similar to Jason, I believe that a good value investment isn't necessarily a non-growth one. It could simply be a company that has hit a temporary bad patch, punished beyond the reasonable amount by growth and momentum investors, and now at an attractive price given its fundamentals.

Since I don't claim to know the best way to pick such stocks, I try to pick good stock pickers by investing in good value mutual funds.

Over the very long term, growth and value cycle, with each outperforming the other roughly half the time. In fact, I recall reading that the best place to be (if you have to choose just one, which is not a good idea), is small value stocks. Those apparently outperformed the overall market by more than 1%/year over the very long term (though they do have a large risk of going bust if you don't know what you're doing when you pick individual stocks.