All good investments are value, that hasnt changed. What has changed is the premium investors are willing to pay for growth, and that is mostly due to chronically low interest rates.
But even if we assume that interest rates will be stuck at zero for all eternity, it does not mean that earnings or FCF are no longer relevant, no amount of additional capex will cause a company to generate free cash flow if the business model is flawed to begin with. There is no good value proposition for investors without future earnings/FCF, any company can make great products at a loss and grow sales, but this cannot go on indefinitely.
In short all good investments are value, but not all growth are gòod investments. Growth at all cost is extremely capital destructive.
