The last time that many of these value managers had so much in cash was in the late 1990's.

But value managers, as a group, have not done very well this year.

The lesson, he said, is to be a value manager who seeks companies that are not just cheap, but also have potential for growth.

They returned 29.4 percent, on average, compared with 19.9 percent for value managers.

At current prices, many value managers say, they are not finding bargains.

In this brutal market, some of the most prominent value managers have taken hits.

This process may also include creating committee, employee task forces, value managers, or similar.

Buying a value manager may be a good idea, but some Amvescap officials do not think the timing is right.

Yet, unlike many value managers, he does not shrug off technology companies.

If the average of his stock picks is well above that level, then don't believe him when he calls himself a value manager.