Some species of birds like to nest in tall evergreens and eat seeds, while others nest on cliffs and fish for a living. Some migrate and some stay put. Some fly, some walk and some swim. The differences are fairly profound, and seem to be hard-wired into the birds’ tiny brains. In much the same way, different types of equity investors prefer different stocks. Growth investors like to put their money into stocks that are going up, while those who prefer the value style are attracted to stocks that are in the cellar. And while most of us like...
