What's your investment style? Sooner or later, all investors are faced with the challenge of having to answer this pretty loaded question. Are you a Rule Maker or a Rule Breaker? A grow-getter or a value seeker? A foolish speculator or a Foolish investor?

Although it's always good to clarify our general tolerance for risk-taking, we should never forget two important things:

  1. Growth and value investing are joined at the hip, and
  2. The most awesome growth stocks are also undervalued stocks.

The best of both worlds
Successful investing isn't simply about buying stocks with the lowest P/E ratios, or ones with the most spectacular growth rates. Instead, the key to investing is putting your money on the most attractive risk/reward propositions that Mr. Market has to offer.

Buying growing companies at discounted prices is probably the best method by which to do that. This approach earns you the double benefit of buying a stock that trades below its fair value today, and owning a business that's well-positioned to grow that value tomorrow.

We've got these stocks PEG-ged
With our hearts set on growth -- but our brains stubbornly fixated on getting a fair price for it -- here are seven more reasonably priced, fast-growing favorites of our Motley Fool CAPS community.

In addition to having five-year estimated growth rates of at least 15%, and PEG ratios of 1 or less, these stocks have received a four- or five-star rating (out of five) from our pool of more than 65,000 individual and professional investors.

Company

Est. 5-year Earnings Growth Rate

PEG Ratio

Current CAPS Rating

CNOOC (NYSE:CEO)

21%

0.94

*****

Carbo Ceramics (NYSE:CRR)

25%

0.89

*****

Titanium Metals (NYSE:TIE)

25%

0.85

*****

Acergy

32%

0.75

*****

Cal Dive International (NYSE:DVR)

20%

0.54

****

GSI Commerce (NASDAQ:GSIC)

31%

1.0

****

Cymer

19%

0.84

*****

Data from Yahoo! Finance and Motley Fool CAPS.

As always, don't take these stocks as well-formulated investment recommendations, but rather as candidates for further research. Regardless of which investment approach you take, due diligence is the thread that binds all superior returns.   

To get you started, though, here's a brief summary of one stock that caught my attention.  

TIE one on
One of the great things about CAPS is how easy is it is to spot a stock with massive tailwinds at its back. For example, many CAPS players consider Titanium Metals (or TIMET) the perfect pure play on the titanium industry -- an industry poised to grow as it steadily replaces aluminum in various applications.

Fueled by rampant demand from the likes of Boeing (NYSE:BA), Rolls Royce, and United Technologies, TIMET has grown revenue and net income at a compounded rate of 44% and 228%, respectively, over the last three years. During that time period, returns on equity have clocked in higher than 30%, while the stock itself has returned an unbelievable 1,070% (unbelievable for my portfolio, at least).

Of course, it's a bit of wishful thinking to expect those multibagger gains going forward, but with analysts expecting 25% earnings growth for the next five years -- while the stock trades at a PEG of 0.85 -- there might be ample appreciation left.

Currently, more than 230 CAPS All-Stars are fans of TIMET (while just three are bears), so it's certainly worth checking out.

Now, let's hear straight from our contestants... 
CAPS player theskyiscrape compares TIMET to the competition: "Looking at TIE's financials, they have a better net margin than both RTI International Metals (NYSE:RTI) & Allegheny Technologies as well as solid ROE, ROA and positive cash flow. With no long-term debt, TIE also has room to play with leverage, if necessary, to fund further production facility growth."

And Lwear fills out some applications: "Titanium has unique anti-corrosive properties that will make it more desirable in off-shore oil drilling rigs, and light-weight properties that will continue to make it desirable in aerospace applications. It is only a matter of time before the metal is used to replace the aluminum composites currently utilized in frames/parts of automobiles to improve fuel efficiency and performance."

Get growin', Fool
So, does the sound of buying high-growth companies at decent prices make complete sense to you? More appropriately, how could it not? Join our Motley Fool CAPS community to get more analysis on the above ideas, create your own list of fairly priced growers, or even weigh in with a sharp opinion of your own.

Within moments, you'll have access to stock ideas that can provide the best of both the value- and the growth-investing worlds. Oh, and it's absolutely free. Now that's what I call a reasonable price.

Foolish contributor Brian Pacampara owns no position in any of the companies mentioned. The Fool has a disclosure policy.