value investing involves buying properties that the investor feels are underpriced/undervalued in the secondary market. If you invest in real estate, perhaps you are attracted to fixer-uppers. On the surface, they look pretty nasty. However, other buyers seem to be overlooking the big yard, the rentable parking spaces, the attic that can be converted, and the new shopping mall going up down the street. With a little TLC, this property could turn out to be a lot more valuable some day. Similarly, if a public company, e.g. Dell or Krispy Kreme, is suffering a setback, the negative headlines tend to drag down the stock price. If you feel that price is irrationally low, you buy the stock and call yourself a value investor. If you don't want to pick stocks, buy a no-load value fund with reasonable expense ratios and high Morningstar and Lipper ratings.
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