what does it mean to be a value investor that is the hundred million doll question because everybody defines it differently we Define it as for portfolios where we use a fundamental approach so that’s the analysis of financial statements the interviews of company management the assessment of the industry to be a value investor is to pay less than the business is ultimately worth and we give every company about two years to show us what it can be worth and then we assess what that price should be two years from now and if the price two years from now should be considerably higher than it is today the stock is likely undervalued