But preferreds work well for those seeking
substantial income, and many REITs have turned into
growth stocks that happen to pay dividends because the law
requires them to do so.
If I am reading you right, you are saying that value applies to a stock (not a company), and that value investing does not
require (earnings)
growth to be successful, whereas
growth investing is paying a premium, and thus
requires sustained,
substantial earnings
growth to be successful (because you are paying so much for the shares).