"Value funds aim to take advantage of misperceived crowd psychology, which causes investors to abandon and ignore valuable businesses as they seek short-term fortunes in current market fads. At other times, value is created by temporary problems surrounding a specific company, an industry, or the market in general. Any negativity, which is usually highlighted prominently by the analytical community and the media, goes against the investment crowds desire for instantaneous gratification, resulting in a mass exodus from those stocks. [and that over-reaction often drives the prices below their intrinsic value offering bargains to those who understand the opportunity]. "
Robert A. Olstein
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