Explain the key distinctions between 'value investing' and 'growth investing', and how each approach might perform differently in various economic cycles.

Value investing focuses on identifying companies that are trading below their intrinsic value, meaning their market price is lower than what a thorough analysis suggests they are actually worth. Value investors look for stocks with low price-to-earnings ratios, low price-to-book ratios, and high dividend yields, indicating that the market may be undervaluing the company's assets or earnings potential. The strategy aims to profit when the market recognizes the company's true value and the stock price rises. ....