While I do put a lot of money into undervalued companies but I do static market carefully so that I can spot some other gems. A good company will always give good returns and will be a good option for the long term. At the same time, one needs to be careful about short-term moneymakers so that money is not lost due to shortsightedness.
I think that this is the best way to make money, to buy when the price is low or when we spot potential for growth. We need to be certain in this last option though because potential many times is nothing more than... potential!
I'd say its the exact opposite. Growth stocks are driven by a lot more volume which leads to more volatile price swings. When institutional investors model in 40% year over year growth rate on a stock, if that number shifts by just 5%, it'll have serious implications on the stock, unlike a value stock where a shift will hurt e.g. 4% vs 8%, but not nearly as bad. Many growth stocks behave similarly, they advance, they pull back, advance, pull back but with overall upward momentum. Find the best of breed, wait until they have a bad quarter, The stock will plummet by 15-20%, and that's your entry point. LinkedIn might be a prime example after its recent fall...the stock got ahead of itself, but the growth fundamentals are still there. Value is when you find something that is undervalued due to cycles or flat-out under-appreciation. Look for a company part of a sector that's doing very poorly, and realize that it won't stay that way forever e.g. oil or iron ore. Or look for something that no one is talking about but all signs point to there being an increase the future. Warren Buffet is a value investor. He picked up Wells Fargo shares on steep sale after the housing bubble, Burlington Northern when no one was looking (limited supply, more traffic due to fracking, what not), Republic Services---garbage will grow forever, heck, he even bought a farm in the mid 80s after the farm bubble burst.
Yes, if we want money quick we will not get it by buying undervalued stocks because those stocks will take their time to go back up. To be honest, I feel that if we are after quick money, the stock market is not the right place to look.
I've tried to copy my strategies off of Warren Buffet's because of how ridiculously successful he has been. So yeah, I would definitely go with that route.