Investing in 2020 hasn't been for the faint of heart. In roughly a six-month span, Wall Street crammed in about a decade's worth of volatility. The broad-based S&P 500 lost 34% in under five weeks, subsequently regained everything that was lost in the five months that followed, and set a record for the highest volatility reading as measured by the CBOE Volatility Index.

When things are volatile on Wall Street, it tends to attract short-term traders in droves. The rise of online investing platform Robinhood is a testament to this fact.

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Robinhood, which is best known for offering commission-free trades and doling out free shares of stock to new members, has attracted millions of investors with one thing in common: a penchant for short-term trading and/or chasing Wall Street's hot stock of the week. The average age of the typical Robinhood investor is only 31, so many of these folks may not realize the power of buying and holding great stocks over long periods of time.

The good news is, Robinhood investors can have a bit of both worlds. They can continue to focus on high-growth stocks, but also put their money to work like tenured investors in innovative companies that offer long-term value. That's right: Growth stocks can be value stocks, too.

Here are three high-growth value stocks that Robinhood investors can buy right now and hang onto for many years to come.

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Facebook

Investors might overlook social media powerhouse Facebook (NASDAQ:FB) because it's already worth more than $700 billion. But Facebook still has an incredible runway ahead of it.

When it comes to social media ad-pricing power, Facebook stands apart. Facebook is bringing in 2.7 billion monthly active users (MAU) by itself, with its other owned sites (Instagram and WhatsApp) pushing this MAU figure to 3.14 billion. There's not a platform on this planet where advertisers can potentially reach 2.7 billion to 3.14 billion people, and Facebook knows it.

But what's most impressive about Mark Zuckerberg's company is that it's still in the relatively early innings of its monetization. While it is collecting a tidy sum of annual revenue from advertising on Facebook and Instagram, the company has yet to fully capitalize on Facebook Messenger or WhatsApp. Facebook runs four of the seven most-visited social platforms in the world and is only monetizing two of them at the moment.

What's more, Facebook has ample opportunity to bolster its revenue channels. For instance, the company is only scratching the surface with Facebook Pay, and could well be the perfect platform to launch a streaming service in the future.

What Robinhood investors are going to get with Facebook is a double-digit growth rate and a PEG ratio of less than 1. A PEG ratio below 1 usually signifies an undervalued stock.

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Ollie's Bargain Outlet

Although retail is an industry long since forgotten in 2020, discount retail chain Ollie's Bargain Outlet (NASDAQ:OLLI) is a high-growth value stock that Robinhood investors can pull off the clearance rack with confidence.

With the coronavirus disease 2019 (COVID-19) pandemic pushing the U.S. into recession and Congress unable to agree on a new round of stimulus legislation, many Americans are looking for ways to stretch their income. Ollie's, which purchases brand-name merchandise in bulk and passes along these discounts to its customers, should be a clear winner. In the pandemic-impacted second quarter ended Aug. 1, Ollie's reported a jaw-dropping 43.3% increase in year-over-year comparable-store sales. This probably goes without saying, but consumers love brand-name merchandise. 

Admittedly, same-store sales growth at this level isn't going to be sustainable in the discount retail space. The company's management team has already cautioned that same-store sales growth will taper in the second half of its fiscal year. Nevertheless, sales growth is expected to remain in the double digits through at least 2023, with new store openings and organic growth both moving the needle.

Furthermore, Ollie's Bargain Outlet has approximately 9 million loyalty reward members. If the company's brand-name merchandise doesn't do the trick, the Ollie's Army rewards card, which rewards higher levels of spending with bigger discounts, might.

Wall Street is looking for Ollie's to grow by approximately 20% a year. Based on its forward P/E of 28, this works out a reasonably low PEG ratio of about 1.4. For a high-growth retail company, that's pretty cheap.

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Vertex Pharmaceuticals

Finally, growth-chasing Robinhood investors would be wise to consider buying into orphan drug developer Vertex Pharmaceuticals (NASDAQ:VRTX), which also offers an intriguing value proposition.

Vertex is a specialty drug developer whose predominant focus has been on improving the lives of patients with cystic fibrosis (CF), a hereditary disease that leads to the production of thick mucus that can obstruct the lungs and pancreas.

Earlier this year, the Food and Drug Administration gave the green light to Trikafta, which is a three-in-one combo drug that dazzled in clinical studies for CF patients who have a very specific mutation. The drug met its primary and secondary endpoints in phase 3 trials. The FDA approved it five months ahead of schedule. 

There was little doubt that Trikafta would become a blockbuster drug given its clear pathway to CF patients in the U.S. and eventually Europe. But no one could have guessed how quickly sales would grow. After just two quarters on pharmacy shelves, Trikafta brought in $918 million in Q2 alone. This blockbuster drug is already ahead of expectations and looks well on its way to potential annual sales in excess of $6 billion within a few years. 

Investors in Vertex will likely see full-year sales more than double between 2019 and 2023, yet the company's PEG ratio is an insanely low 0.6. It remains a bargain among high-growth stocks.