Kevin Duffy on growth vs. value investing

Categories such as “growth” and “value” are overly simplistic attempts by investors trying to make sense of complexity. At the end of the day, growth and value investors are both attempting to buy a stream of future cash flows at the lowest possible price. Value investors put more weight on current earnings whereas growth investors emphasize future earnings, but I see little benefit in favoring one approach over the other.

~ Kevin Duffy, The Coffee Can Portfolio, May 27, 2020, p. 7