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John Calamos has been trading convertible bonds for four decades. He says he's never seen them so cheap. John Calamos launched his career and built the foundation of a $1.7 billion fortune trading convertible securities. Now 68, and with 38 years in the business, he says converts have never been such a deal.

"This is the most undervalued I've ever seen the market," he says. "It's unbelievable."

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One reason stocks are crashing: Investors are sitting on wads of cash.

Famed investor Jeremy Grantham says he hasn't seen stocks this enticing since the 1987 crash. The value mavens at the Delafield Fund note that even by their tightwad standards shares are "extremely attractive." Robert Rodriguez, whose FPA Capital Fund has been piling up cash for five years, is finally getting excited about buying again.

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Considered the father of value investing, Benjamin Graham holds one of the longest records of outperforming the market. Warren Buffet has cited the former Columbia professor as a major influence on his investment style.

Warren Buffett is the greatest investor in America. The famous value investor topped Forbes richest individuals list in 2008, overthrowing his pal Bill Gates from Microsoft from his twelve year period of holding this title. Investors have long followed Buffett’s advice on stock selection, economic issues and his pure genius common sense and business acumen. This was a timely post, as Buffett recently made some major headlines when he announced that he was buying american stocks.

With his fortunes sinking along with Target Corp.'s stock price, activist investor William Ackman said he will unveil a "potential transaction" today that he believes will pump up shares and build long-term value for shareholders.

It's an aggressive move for Ackman, whose Pershing Square Capital Management hedge fund owns a nearly 10 percent stake in Minneapolis-based Target.

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Early in the process of defining how to update Graham and Dodd’s Security Analysis, the acknowledged “bible of value investing,” lead editor Seth Klarman and his assembled team abandoned any notion of editing the text of 1940’s second edition. “It would have taken a decade to rewrite, with absolutely no assurance we could have improved upon it anyway,” he says.

The search for wisdom in personal finance will take you sooner or later to John Bogle, who founded Vanguard, created the first index mutual fund and still preaches the gospel of long-term, low-cost, diversified investing.

Shortly after the Dow began its tumble Wednesday, investor Warren Buffett told a packed Long Beach Arena that he has moved 100 percent of his personal portfolio from government securities to stocks. Buffett, speaking to California first lady Maria Shriver's Women's Conference in Long Beach, said he has no idea what will happen in the coming two years but was confident that over a 10-year span the stock market would outperform cash-based investments, such as certificates of deposits and savings accounts, which can lose value when inflation is subtracted from gains.
 

Making money now, with Jean-Marie Eveillard, of the First Eagle Fund Global Fund; Marty Whitman, of Third Avenue Management; and Charles Royce, of The Royce Funds

Watch Part I of Value Kings Video.

Watch Part II of Value Kings Video.

Watch Part III of Value Kings Video.