Jim Chanos, more famous for being a China bear nowadays, gave a presentation at the Value Investing Congress. Notable points on true Value Stocks are:

  1. Predictable, consistent cashflow
  2. Defensive and/or defensible business
  3. Not dependent on superior management
  4. Low/Reasonable valuation
  5. Margin of safety using many metrics
  6. Reliable, transparent financial statements

Chanos makes many good points on Value traps in general and some investments he thinks may qualify. Of course, he gives his take on China too. Read more here.