I am very much a value investor too. I find a lot of the value investing techniques attempts to predict the probable price evolution of a stock and make a proje

I am very much a value investor too. I find a lot of the value investing techniques attempts to predict the probable price evolution of a stock and make a projection on its business performance. All these projections are based on the historical data and the assumption that it will continue to make money. But often the past did not equal the future, and most companies cannot continue to make the same 20% growth year on year. Plus it also can't evaluate its management and internal business decisions such as M/A. And with the large cap these hedge funds are holding these days, they are quite capable of manipulating the stock prices for their gain. What's also important is to understand the risk appetite of each individuals and have an investing plan? i.e. a value investor with a large risk appetite might be looking at citibank, make some assessment on its valuation and take a 5 yr plan on it with definite exit and cut loss prices.