Another common investment strategy is growth investment. Growth investment focuses on companies that are experiencing or might experience a high degree of growth. These companies typically have higher P/E levels than those selected by value investors. Hence these two investment disciplines are typically regarded as two intrinsically different ways of investing. One of the first proponents of growth investment was Thomas Row Price. While there is not a full consensus regarding which strategy is superior, most of the academic literature seems to favor value over growth. A prominent article supporting this view is (Fama and French 1998). These authors concluded that globally the tendency is for value stocks to outperform growth stocks. They studied data for the period from 1975 to 1995. Beneda concluded that for long holding periods (over 14 years) growth stocks have outperformed value stocks. The author used portfolios created from 1983 to 1987 with holding periods of up to 18 years. Another article by Lee and Song supports the outperformance of growth stocks under some set of conditions. This article focuses on an investment timeframe much shorter than the one used in (Beneda 2002). The majority of the existing literature comparing value and growth investment support the opposite idea of (Beneda 2002) i.e., value stocks outperforming growth stocks in the long term.