Every investor eventually faces a version of the same fundamental question: do you buy what is cheap, or do you buy what is growing? The debate between value and growth investing has occupied financial minds for decades, produced competing camps of devoted practitioners, and generated mountains of academic research — much of it contradictory. Both strategies have made investors genuinely wealthy. Both have also produced extended periods of underperformance that tested even the most disciplined practitioners. Understanding the real difference between them, and more importantly understanding which one fits your specific situation, is one of the most important decisions you will make as an investor.

This guide cuts through the noise,…