Both of these types of stocks can be very risky, however. With growth stocks, you may find that a company that had great ideas never really takes off -- or worse, is affected by bad timing or bad luck and crashes and burns. With value stocks, there are lots of ways to misread the room, leading to value traps.
Who are blend fund investors?
Fund investors, in general, tend to be people who are looking for someone else to manage their asset choices while reaping the rewards. That's not a judgment statement -- for some people, it simply doesn't make sense to handle their own investments on a day-to-day basis. Most of the time, mutual fund investors are seeking stability, but blend fund investors are a little bit different.
Instead of seeking the boring beige that often comes with mutual funds, they're looking for a little more risk and a lot more reward. A blend fund can produce impressively, or it can fail spectacularly, which can make them exciting buys if you can afford to lose the money you've invested (otherwise, they may be panic-inducing). Often, blend fund investors are younger investors who aren't really worried about retirement yet, or mid-career individuals who are trying to catch up on their investing but have some room to take a chance.