1992

Buffett rejected the common division of investors into 'value' and 'growth' camps. He wrote that growth is simply one input into the value calculation: it affects the amount and timing of future cash flows, and therefore intrinsic value, but it is never a category on its own. A business that grows but consumes capital to do so may be worth less than one that does not grow.

On dissolving the value/growth distinction.

Buffett argued that the term 'value investing' is redundant: all true investing is value investing, because the only reason to part with cash today is the expectation of receiving more value later. He warned that the strategy of buying low-multiple stocks as a category was a misreading of Graham, whose true lesson was to demand a margin between price and underlying value.

On the redundancy of 'value investing' as a label.