When we invest, we all like to think we are getting a good deal on the fund or stock we are buying. If we didn't, why would we do it? Look at things in simple terms like that and you could say that, while investment managers claim to use one style or another (usually "value" or "growth"), they are pretty much all effectively value investors.
But it is actually a tad more complicated. A real value investor buys something because it is cheap in absolute terms it trades at less than the value of its physical assets; it is on a price/earnings ratio of less than eight (or so); it has a sustainable dividend yield, several percentage points higher than the market average that sort of thing.
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