Our next section covers a broad range of investment philosophies and strategies. If we want to make a distinction between Investment Philosophies (investment styles) and Investment strategies, think of it this way: Investment philosophies address where an asset manager feels they can find outperformance in the market. Value investing, small cap investing, momentum investing, quantitative investing are all terms that reflect a manager's theory about where to find outperformance in the market. By contrast: investment strategies (or solutions) describe how an asset manager can structure the solution to meet some outcome that the client has specified. Examples of this would be goals-based investing, multimanager-management, life-stage investing.