Over the last few months, as we have discussed what we believe are our most promising investment opportunities with prospects, a common refrain early on has been something like this: “But that’s not a value stock. I thought you were value investors!” While at times these conversations have been frustrating, we realize the burden of articulating why we believe a particular investment represents mispriced value falls squarely with us. Rather than go into the specifics of one of the names in our portfolio that seems to be generating this friction the most, we felt it would be better to start with a broader problem: Nobody agrees on what “value” means. So, what is value– and “value investing” more generally?