Although we cannot argue that growth and value don't have their differences, many overlap. There are growth managers who own companies traditionally defined as value stocks and vice versa. Growth stocks tend to do well when the economy is very strong and investor sentiment is positive. Value stocks tend to do well when the economy is in or recovering from recession.
Source: http://www.investorguide.com/igu-article-830-stock-strategies-value-and-growth.html
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