Warren Buffett, Growth Investor?

NEW YORK (TheStreet) -- Most people consider Warren Buffett a value investor, but his methods aren't so simple.

His style has evolved over the years and incorporated strategies of growth investing. For this reason -- having taught his principles for 20 years and benefited from them personally, and as author of an exploration of his investing principles called "Buffett Beyond Value" -- I call him a "value + growth" investor rather than a value investor alone.

To earn high returns as Buffett has, an investor needs to go beyond price-to-earnings ratios or other metrics commonly followed by value investors.

If he were simply a value investor, it would be difficult to understand his recent $36 billion acquisition of Burlington Northern Santa Fe (NYSE: BNI). The acquisition's price-to-earnings ratio of 18 was high. Earlier large stock purchases in Coca-Cola (NYSE: KO), American Express (NYSE: AXP) and Wells Fargo (NYSE: WFC) were also not at low multiples. As a matter of fact, most of his buys are at reasonable, not low, valuations.

Also, following the adage of "buy low, sell high," a value investor would sell investments when the stock price goes up. Buffett holds his investments for a long time.

Buffett's Berkshire Hathaway (NYSE: BRK-A) has grown 20% a year -- difficult to accomplish even for most successful growth companies. Buffett clearly invests in common stocks or acquires companies that grow fast. Is he a misunderstood growth investor, then?

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