Graham Bentley: Value and long-term investment

At a recent Morningstar conference, a number of speakers referred to the success over the past few years of ‘growth' at the expense of ‘value' investing. The point being made was that the latter investment style was now poised to gain the ascendency. Warren Buffet, the archetypal value investor, once mooted that "Price is what you pay; value is what you get" - in other words, rather than necessarily being intrinsic, value comes to be. If that sounds rather Zen, let me explain. £1,000 today is worth more to me than £1,000 in 10 years' time. If I save money rather than spend it, therefo...