In the latest issue of Forbes magazine, Validea CEO John Reese says that good investors — including Warren Buffett — don’t get fooled into playing the “growth vs. value” game.

While people constantly try to pit growth stocks and value stocks against one another, Reese says the distinction is a flawed one. “Just ask Warren Buffett,” he writes. “He doesn’t seem to differentiate much between growth and value. ‘Market commentators and investment managers who glibly refer to ‘growth’ and ‘value’ styles as contrasting approaches to investment are displaying their ignorance, not their sophistication,’ he explained in his 2000 annual letter to Berkshire Hathaway shareholders.”

Buffett, Reese says, sees growth as one component of value, and he points to a couple recent Berkshire buys to show how Buffett takes growth into consideration when assessing value. He also talks about his Buffett-inspired Guru Strategy, which picks stocks using the approach Buffett reportedly used to build his empire. Reese looks at a few of his Buffett-based model’s current favorites, including PetSmart. To read the full article and see the other stocks, click here.