Value investing is a somewhat broad term, but the concept is basically the idea of buying securities at a discount to “intrinsic value.” By doing so and by being willing to take a longer-term approach, the value investor is able to invest with a large margin of safety and also achieve better investment returns. It is important to understand that most buying and selling in stocks and bonds does not qualify as investing. Many market participants are traders or speculators focusing on short-term issues such as momentum, technical indicators, and trend following. These activities can at times be profitable of course, but they don’t meet the basic definition of investing, which Benjamin Graham described in his investment classic Security Analysis 1934:…