We've all heard the old investing adage, "Buy low, sell high," which is sound (if obvious) advice. But as commonsensical as it sounds, actually following that advice can sometimes be downright painful. Some stocks never look "low," after all, and passing them up because their multiples seem rich can take a toll on your portfolio.

For example ...
Consider the cases of Google (Nasdaq: GOOG) and Potash Corp. of Saskatchewan (NYSE: POT). These go-getters sport double-digit five-year earnings growth, as well as trailing-12-month price-to-earnings (P/E) ratios that clock in above that of the market average of 17.9. GameStop (NYSE: GME) and Medtronic (NYSE: MDT) fit that bill, too.

Highfliers, of course, can sometimes take you for a wild ride on the road to investment riches. All of the above have certainly experienced performance gyrations, which prompts this question: If you're the kind of investor who wants the gain but prefers to keep the potential pain to a minimum -- and aren't we all? -- what's the best way to proceed with apparently pricey growth stocks?

Two words: mutual funds. All the stocks mentioned appear in the lineup of one of our favorite mutual funds, a pick that's risen by more than 43% since first recommended to members of the Fool's Champion Funds investing service. Because those names appear in a well-diversified portfolio that recently included buttoned-down big boys like Anheuser-Busch (NYSE: BUD), Berkshire Hathaway (NYSE: BRK-B), and Chevron (NYSE: CVX), investors here have been treated to a relatively smooth ride, too.

Despite the fund's focus on growth stocks, it has been only slightly more volatile than the broad-market-tracking SPDRs (SPY) exchange-traded fund (ETF) for the five years that ended with June, all while pole-vaulting past more than 85% of its like-minded competitors and besting the S&P 500, too.

The Foolish bottom line
If you're looking to wade into the potentially choppy waters of growth-stock investing, good for you! With greater risk comes the potential for greater reward. That said, I think you'd be Foolishly wise to consider getting the job done with a well-chosen mutual fund. It'll provide plenty of bang for your growth-investing buck and the peaceful, easy feeling that comes with owning a stake in a well-diversified portfolio.

If you'd like to sneak a peek at all the funds recommended since Champion Funds first opened for business -- a group that has bested the market by an average of 24% vs. 6% thus far -- just click here to take the service for a risk-free spin.

This article has been adapted and updated from a Shannon Zimmerman article originally published on Oct. 10, 2006.

Rex Moore has gone Wii crazy. At time of publication, he owned shares of Anheuser-Busch and Berkshire Hathaway. Gamestop and Berkshire Hathaway are Motley Fool Stock Advisor picks. Anheuser-Busch and Berkshire Hathaway are Motley Fool Inside Value picks. The Motley Fool owns shares of Berkshire Hathaway. Check out the Fool's strict disclosure policy.