PennyPincher12:"Value investing is also concerned with the ability to value a business. It must be understood well."Well said. Unfortunately, understanding a business today involves deciphering the gobble-de-gook of financial engineering, if only to assess the potential 2nd/3rd order risks involved. So far, looks like not too many people had a clue on this - neither regulators, nor the Masters of Wall Street's parallel Universe.I certainly didn't."Value investing isn't dead, it's just not understood very well by those who don't do it."IMO, not even by most who claim to 'do it' :0)Witness the parade of pundits proclaiming fire sales everywhere for most of this year - BRK, SBUX, MSFT, PFE, GM ...What seems to pass for 'understanding' is most often a 20-20 rear-view mirror image. At best you get some picture of catalysts for a better future. But, you'll be very lucky to find somebody who knows the business and its ecosystem well enough to articulate what will drive it down. No self respecting 'value' pro can justify that label without showing he/she has a good handle on the inevitable downside risk of any investment.