Value investing jumped into the spotlight in the early 1930s when Benjamin Graham developed his approach to find and buy stocks at a discount to their intrinsic value. Famous investors from Warren Buffett to Peter Lynch have deployed the investment style from one perspective or another. But nowadays, many market participants claim to be value investors without having a clear definition of value or even of investing. True value investors should understand the drivers of value and have a process that raises the odds of discovering value beyond simple speculation. This article discusses the origins