The greatest equity investor of all time is Warren Buffett (Trades, Portfolio). He had great success early in his career and has had great success in his later years.
Strangely that success has come through two very different styles of investing.
Early on Buffett focused on buying dirt cheap "cigar butt" opportunities where there was a chance to close the difference between price and value, but no long term growth.
Later Buffett focused on buying high quality and less on cheap because high quality companies can compound capital at high rates for long periods of time.
Stephen Yacktman thinks that being flexible like Buffett in your approach is a huge advantage. Successful investing can combine growth and value depending on what is in or out of favor.
