[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Eugene Ng [@EugeneNg_VCap](/creator/twitter/EugeneNg_VCap) on x 24.5K followers Created: 2025-07-20 00:08:34 UTC Often, I get asked what type of investing I do. To me, value investing and growth investing are not separate, they are the same. Over the long term, business returns (growth of revenues, earnings, and free cash flows) tend to drive the majority of returns rather than valuations (i.e., the price you pay) with the earnings / free cash flow yield or changes in it. To the more conventional finance folks, I reluctantly describe our pursuit of a growth-oriented long-term long-only investment strategy because this is what traditional finance style boxes us in. In short, we are a “growth investor.” But I know that this is incorrect. For those who are more discerning, I can spend a little more time explaining what we do. They often quickly understand and realise that very few do and practice what we do. Sharing a recent quote from Joel Greenblatt who was interviewed by Jonathan Satovsky “If I am doing concentrated investing and really picking individual stocks, then I have an opinion of where the business is going to be and I am not looking at what they just earned last year. I'm looking at what I think normalized earnings are a few years out. So, I am either right or wrong on that. So, it is not a question. And as Buffett would say, growth and value are tied at the hip. Meaning part of valuation is growth. Meaning, how much are earnings going to grow? That that factors into how you value something. So there is no growth investing. There is no value investing. There is investing. Figure out what something is worth. And what something is worth has to do with how much earnings are going to grow over time. So there is no dichotomy there. There's no reason to struggle with which way should I go or they're the same thing. They are the same thing and growth is part of value.” XXXXX engagements  **Related Topics** [finance](/topic/finance) [cash flow](/topic/cash-flow) [investment](/topic/investment) [Post Link](https://x.com/EugeneNg_VCap/status/1946723874835693580)
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Eugene Ng @EugeneNg_VCap on x 24.5K followers
Created: 2025-07-20 00:08:34 UTC
Often, I get asked what type of investing I do.
To me, value investing and growth investing are not separate, they are the same. Over the long term, business returns (growth of revenues, earnings, and free cash flows) tend to drive the majority of returns rather than valuations (i.e., the price you pay) with the earnings / free cash flow yield or changes in it.
To the more conventional finance folks, I reluctantly describe our pursuit of a growth-oriented long-term long-only investment strategy because this is what traditional finance style boxes us in. In short, we are a “growth investor.” But I know that this is incorrect.
For those who are more discerning, I can spend a little more time explaining what we do. They often quickly understand and realise that very few do and practice what we do.
Sharing a recent quote from Joel Greenblatt who was interviewed by Jonathan Satovsky
“If I am doing concentrated investing and really picking individual stocks, then I have an opinion of where the business is going to be and I am not looking at what they just earned last year. I'm looking at what I think normalized earnings are a few years out.
So, I am either right or wrong on that. So, it is not a question. And as Buffett would say, growth and value are tied at the hip. Meaning part of valuation is growth. Meaning, how much are earnings going to grow? That that factors into how you value something. So there is no growth investing. There is no value investing. There is investing.
Figure out what something is worth. And what something is worth has to do with how much earnings are going to grow over time. So there is no dichotomy there. There's no reason to struggle with which way should I go or they're the same thing. They are the same thing and growth is part of value.”
XXXXX engagements
Related Topics finance cash flow investment