"But it's always nice to find stocks that fall through the cracks."

But he was soon drawn back to his first love, finding undervalued stocks, and has been on the Street ever since.

Q. It's not too hard to find stocks whose prices are down.

"Where we used to think we could find stocks at 10 to 12 times earnings, we've been in the 13 to 15 range."

How can they find cheap stocks in today's market?

One is to make money by finding stocks headed for a fall.

"I am just expanding my population of opportunities to find good stocks," he said.

A. We are trying to find stocks where we think organic growth is strong.

"Maybe they'll find technology, which could have been used in the future for making weapons, but not substantial stocks," he said.

Value investors in today's market face the challenge of just finding cheap stocks.