"The value stocks favored by Tweedy, Browne haven't done very well lately. But if you are a true believer in value, that's all the more reason to be buying those stocks now."

China used to be thought of as the world’s factory floor - a haven of cheap labor and minimal regulatory oversight for large multinational companies. The result was a massive influx of foreign investment and rapid gross domestic product (GDP) growth. But the country has outgrown this model and is shifting from low-skill, labor-intensive industries to a higher standard of living.