Most investors would agree that portfolio construction is important, yet it remains an elusive topic for many. In this paper, we showcase the importance of portfolio construction using a real world debate amongst equity money managers. Equity managers have been incorporating value (e.g., buying low PE stocks) and momentum (e.g., buying recently outperforming stocks) themes into their investment process for decades, but have long disagreed on how best to “combine” these themes. One camp identifies the top value and momentum stocks separately and then “mixes” them together while the other first blends each stock’s value and momentum score into one average composite and builds a portfolio based on the stocks with the highest “integrated” score. But which camp is right?