In 2006, Forbes published an article titled "Land Ho!" where they discussed five stocks (HZO, ATML, BJ, STAR, PBY) which own land values far in excess of their carrying values.

Excerpt: "We define value investing as the buying of stocks that have fallen in price and are now trading at a discount to their intrinsic value. By using simple valuation techniques and knowing when stock prices have suffered at the hands of irrationality, investors can scoop up bargains and watch stock price regress to normal levels."

Value Blogger tackles the difference between focused investments held by value investors like Eddie Lampert, Joel Greenblatt, Warren Buffett, and Mohnish Pabrai and the concentrated speculative bets made by Amaranth. What is riskier? How can you eliminate risk? How does Lampert's due diligence differ from complex hedging strategies? Overall, a good post on an important topic.