Setting sail from the Greenwich meridian here, the seafarers of old had a choice to make - east or west? Investors have to make choices too and today one of the big divides is between value investors and those who are focused on quality. A value investor looks for a good company at a great price. A quality investor looks for great company at a reasonable price. I caught up with two investors on either side of this divide. Alex Wright is a value investor, while Nick Train focuses on quality. What I am looking for is companies that are cheap compared to their intrinsic value. So I won’t pay up for anything. That doesn’t mean I won’t ever own quality companies and indeed I own some companies I regard as very high quality. But for whatever reason, the market today isn’t actually pricing them as thus. We would care to own businesses, brands and franchises where we have the highest degree of confidence in their durability and their relevance for customers, not just today but for decades in the future. Looking for stocks that I think other people have unfairly tarred with a negative brush and therefore stocks that are therefore trading below their medium-term value. In previous periods of high and rising inflation, those companies, those equities that did the worst are what people today call value stocks. The reason that value investing has worked over time is mean reversions. I think what’s really key in value investing today more than ever is actually doing the deep, underlying fundamental analysis to see, if that is the case there’s a potential for mean reversion, or if that isn’t going to happen because something structurally changed in an industry. I would say, within reason, with a true investment time horizon, you can at least continue to hold, if not buy more of these extraordinary rare companies. Two investors, two very different approaches. The good news is that you and I don’t have to choose. A portfolio built on value and quality will help you navigate even the stormiest of investment seas.