Premium merchandise is better than cheap merchandise. That's just how it works, whether you're talking about kitchenware, cars, or believe it or not, stocks.

How do I know? Several of the market's 10 best stocks from the last decade were selling for well more than 20 times earnings -- a princely sum by most value standards -- before they became multibaggers.

But that's not why I love growth stocks. Here's why:

  1. High growth is often the domain of superior franchises.
  2. Superior franchises tend to have competitive advantages that protect profits for years, if not decades.
  3. Fast movers frequently grow in fits and starts when they're young, which can lead to mispricing by the market.

Notice that I didn't say the best stocks are inherently expensive, or that growth investors are free-spending loons who'll do anything to get a share of a superior business.

For me, and for the rest of my colleagues on David Gardner's Rule Breakers team, high-growth stocks are most attractive when they're reshaping billion-dollar industries in unusual ways.

Think of how we shop today. Malls are hardly efficient when it comes to buying what you need. Grocery stores are no better. Wouldn't it be easier to browse for most everything you need online, then reserve your goods before heading to the store?

That's possible. Just mix together a secure website with interactive video and a live link to the retailer's inventory system and -- voila! -- you've got a better shopping experience. Show me the firm that can do this, and I'll show you massive sales for Kroger, Safeway, Whole Foods, Wild Oats Markets, and every other grocery chain around the globe.

So, when searching for the market's best stocks for next 10 years, remember that history says it pays to buy into what pioneering investor Thomas Rowe Price Jr. (now better known by the firm that bears his name, T. Rowe Price) called "fertile fields of growth" -- emerging markets driven by innovation. There, hiding in the weeds, are the market's misunderstood multibaggers in the making.

What's sending Fools' hearts aflutter? Go back to our intro page to see what else we have a crush on.

Fool contributor Tim Beyers, who is ranked 1,123 out of more than 22,200 in our Motley Fool CAPS investor intelligence database, thinks his wife deserves the best growth stocks. That's why he's a regular contributor to David Gardner's Motley Fool Rule Breakers high-growth stock-picking service. Tim didn't own shares of any of the companies mentioned in this story at the time of publication. All of his portfolio holdings can be found at Tim's Fool profile. His thoughts on growth stocks, Foolishness, and investing in general may be found in his blog. Whole Foods is a Stock Advisor pick. The Motley Fool's disclosure policy just sent your portfolio flowers.