With the Aussie stock market at or near record highs over the last few months, investors are increasingly confused about what type of equity portfolios they should be designing for their clients. Defensive stocks have made way for a profound switch to cyclicals (with resource stocks predominant). But as global inflation worries raise questions about the longevity and depth of the resource boom, style is again becoming a key direct investing issue.

Certainly at this mid-to-late stage of the cycle, it is becoming near impossible to find value stocks. But what about growth investing?

Value investors buy stocks with relatively low P/E ratios, ...